—–NGXASI Stands at +44.95% (YTD); Naira Depreciated by 0.85% to N861.91/(USD)

December 21, 2023/Futureview Research

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EQUITIES MARKET:

Bulls held sway as the Nigerian Equities Market extends its positive outing to close the fourth trading session of the week in the green region, amidst improved turnover. The Benchmark NGXASI gained 121bps in today’s outing to close at 74,289.02 points from the previous session close of 73,397.71 points.

The day’s positive performance was driven by bargain hunting in bellwether stocks, including OANDO (1.91%), TRANSCORP (10.00%), FLOURMILL (3.13%), ABBEYBDS (9.09%) and rally in Tier 1 banks such as; UBA (2.97%), ZENITHBANK (0.39%), ACCESSCORP (1.75%), FBNH (4.80%) along with 53 other stocks which kept the All-Share-Index in the green zone.

As a result, the year-to-date returns rose to 44.95%, while the overall market capitalization gained 1.21%, closing at an all-time high of N40.65 trillion as investors’ wealth appreciated by N487.74 billion.

Market activity for the day was positive as volume and value traded increased by 37.19% and 1.54% to 760.93 million units and N13.03 billion, respectively.

We expect a sustained uptick in the coming session, in the absence of any negative catalyst.   

CURRENCY MARKET:

The Nigerian Naira depreciated by 0.85% against the US Dollar in the NAFEM Window, closing at a rate of N861.91/USD.