——-NGXASI Stands at +38.43% (YTD); Naira Appreciated by 9.64% to N837.77/(USD)

December 4, 2023/Futureview Research

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EQUITIES MARKET:

Bulls and Bears wrangle as the Nigerian Equities Market starts a new week on a negative note occasioned by losses recorded in high capitalized stocks. The benchmark NGXASI shed 66bps to close at 70,946.83 points from 71,419.87 points in the previous session.

The day’s negative performance was primarily driven by profit taking activities in high capitalized stocks such as BUACEMENT (-10.00%), ZENITHBANK (-0.43%), UBA (-0.23%), OANDO (-2.12%), DANGSUGAR (-0.43%), FIDELITYBK (-1.11%) and 20 other stocks which kept the All-Share-Index in the South region.

Consequently, the year-to-date returns declined to 38.43%, while the overall market capitalization decreased by 66 basis points as investors wealth reduced by N258.85 billion.

Market activity for the day was negative as value and volume traded decreased by 30.56% and 0.72% to reach N7.10 trillion, and 358.53 million units, respectively.

We expect mixed sentiments to prevail this week.

CURRENCY MARKET:

The Nigerian Naira appreciated by 9.64% against the US Dollar in the NAFEM Window, closing at a rate of N837.77/USD.