—–NGXASI Stands at +38.61% (YTD); Naira Depreciated by 8.26% to N881.88/(USD)

November 28, 2023/Futureview Research

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EQUITIES MARKET:

Bears held sway as the Nigerian Equities Market overturned the previous day’s positive outing to close the second trading day of the week in the red region amidst low turnover. The benchmark NGXASI lost 44bps to close at 71,041.29 points from 71,353.81 points in the previous session.

The day’s positive performance was primarily driven by investors’ profit taking in bell weather stocks amongst which were ACCESSCORP (-0.55%), ZENITHBANK (-0.42%), GTCO (-0.90%), NB (-0.26%), OANDO (-1.71%), DANGCEM (-2.44%) and 34 other stocks which kept the All-Share-Index in the negative terrain.

Consequently, the year-to-date returns declined to 38.61%, while the overall market capitalization declined by 42 basis points as investors fortunes decreased by N164.76 billion.

Market activity for the day was negative as volume and value traded decreased by 28.40% and 5.48% to reach 534.62 million units, and N5.62 trillion, respectively.

We expect the market to trade mixed this week.

CURRENCY MARKET:

The Nigerian Naira depreciated by 8.26% against the US Dollar in the NAFEM Window, closing at a rate of N881.88/USD.