—-Naira Depreciates by 3.41%

September 25, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Nigerian Stock Market commenced this week’s trading session on a bearish note, as bears continue to have dominance on equities. Continuous profit-taking activities majorly in the banking sector led to a 66-basis point decline, with the NGXASI closing at 66,882.64 points compared to the previous session’s 67,324.59 points.

This bearish performance was primarily driven by profit-taking in key stocks, including ACCESSCORP (-9.86%), OANDO (9.70%), GTCO (-0.42%), MTNN (-1.67%), ZENITHBANK (-1.54%), TRANSCORP (-2.53%), DANGSUGAR (-2.22%), and 30 other stocks.

Consequently, the year-to-date return settled at 30.50%, and the overall market capitalization decreased by 0.66%, closing at N36.61 trillion, resulting in a decrease in investor wealth by N241.88 billion.

Market activity for the day was mixed as volume traded shed by 60.31% to 408.19 million units, while value traded rose by 24.96% to N5.44 billion

We anticipate the market to trade mixed this week, as we anticipate continuous profit taking on stocks, with no positive recent news to move the market towards a bullish momentum

Currency Market

The Nigerian Naira depreciated by 3.41% against the US Dollar in the I&E Window, closing at a rate of N773.25/USD.