NGXASI stands at +44.43% (YTD); Naira appreciated by 2.78% to N885.88/(USD)

December 22, 2023/Futureview Research

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EQUITIES MARKET:

Bulls and Bears wrangle as the Nigerian Equities Market closed the trading week in the red region amidst low turnover. The Benchmark NGXASI lost 36bps in today’s outing to close at 74,023.27 points from the previous session close of 74,289.02 points.

The day’s negative performance was attributed to investors’ profit taking activities in major stocks like ACCESSCORP (-0.43%), MTNN (-3.77%), PRESCO (-2.53%), UBA (-1.54%), ZENITHBANK (-1.94%), WAPCO (-0.47%) along with 15 other stocks which kept the All-Share-Index in the negative zone.

As a result, the year-to-date returns plunged to 44.43%, while the overall market capitalization lost 0.36% as investors’ wealth depreciated by N145.43 billion.

Market activity for the day was mixed as volume traded decreased by 44.74% to 423.30 million units while value traded increased by 27.32% to N16.58 billion.

We expect bulls to rebound in the coming week amid improved investors sentiment.

CURRENCY MARKET:

The Nigerian Naira appreciated by 2.78% against the US Dollar in the NAFEM Window, closing at a rate of N885.88/USD.