The equities market opened the week on a bearish note, as gains in GTCO Plc and Access Holdings Plc, and 14 other stocks were not enough to offset widespread losses across sectors of the equities market, especially the financial services sector, on Monday.
The Nigerian Exchange (NGX) benchmark All-Share Index (ASI), which measures the performance of traded equities, dropped to 143,614.61 points from 143,722.62 points recorded on Friday, reflecting a 0.08% decline. Consequently, market capitalisation fell by N68.69 billion to close at N91.35 trillion.
The downturn extended the market’s recent weak performance, dragging the year-to-date return lower to +39.53% from 39.64% at the end of the previous week as investors wait for a clear direction over uncertainties in Capital Gains Tax (CGT) and monetary policy rate direction.