NGXASI stands at +7.42% (YTD); Naira appreciated by 1.47% to N856.57/(USD)

January, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities market commenced the trading week on a favorable note, as the benchmark NGX All-Share Index (NGXASI) recorded an uptick of 83 basis points during today’s session. The index ascended from 79,664.66 points to 80,324.53 points, surpassing the significant milestone of 80,000 points and establishing a new all-time high.

The day’s positive performance was attributed to investors’ buying activities in major stocks like ACCESSCORP (+3.20%), TRANSCORP (+9.79%), GTCO (+3.53%), OKOMUOIL (+1.92%), NAHCO (+4.90%), ZENITHBANK (+2.50%), UBA (+3.29%) and 47 other stocks.

Consequently, the year-to-date return surged to 7.42%, while the overall market capitalization gained 0.83% to N43.96 trillion as investors’ wealth rose by N363.31 billion.

Market activity for the day was positive as volume and value traded increased by 33.33% and 6.48% to reach 1.19 billion units and N15.26 billion respectively.

We expect a sustained bullish trend in the equities market this week driven by improved investors’ sentiment.

CURRENCY MARKET:

The Nigerian Naira appreciated by 1.47% against the US Dollar in the NAFEM Window, closing at a rate of N856.57/USD.