Investors’ reactions to the most recent Consumer Price Index data released by the Nigerian Statistics Bureau caused the currency to drop by 0.4%.

Due to selling pressure in consumer goods, and telecom industries, the local stock exchange closed the first trading session on a negative note. The result was a -0.4% decline in the NGX All Share Index, which ended up at 104,663.34 index points. The market capitalization dropped to N59.18 trillion at the end of trading on Monday.

The National Bureau of Statistics released the February 2024 inflation rate on Friday. It increased to 31.70 percent from 29.90 percent in the previous month and was 9.79 percent higher than the 21.91 percent recorded in February 2023. The percentage increases for the food and core indices were 37.92 percent and 25.13 percent, respectively.

Inflation was also predicted to keep rising as long as the naira’s value declined relative to the US dollar. The manufacturing industry is still unduly dependent on imports, and supply chain disruption worsens insecurity.

There were 27 winners and 18 losers, indicating a positive market breadth index. Leading gainers included ABCTRANS PLC (+9.86 percent), while MCNICHOLS PLC (-9.3 percent) was the top loser.

In terms of activity levels, total volume increased by +32 percent to 287 million units worth N10.8 billion. Other top gainers include NEM PLC (+9.77 percent), while other bottom losers include DAARCOMM PLC (-8.73 percent).

Banking stocks, led by UBA, GTCO, Zenith Bank, FBN Holdings, and Access, dominated trade volume. Transcorp, United Bank for Africa, and Guaranty Trust Holding Company led the day’s market trend in terms of volume and value.