—–NGXASI stands at +20.45% (YTD); Naira depreciated by 5.99% to ₦931.23/(USD)

January 17, 2024/Futureview Research

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EQUITIES MARKET:

Bulls continued to dominate the Nigerian Equities market, building on the positive momentum from the previous days turnouts and concluding the mid-week trading session in the green zone. The benchmark NGX All-Share Index (NGXASI) recorded a notable increase of 238 basis points in today’s session. The index increased from 87,970.37 points to a new all-time high of 90,063.25 points.

The day’s positive performance was attributed to investors’ buying activities in major stocks like NB (+1.82%), OANDO (+0.41%), FLOURMILL (+5.10%), DANGCEM (+9.86%), TRANSCORP (+9.97%), BUACEMENT (+9.99%) and 41 other stocks.

Consequently, the year-to-date return surged to 20.45%. In the same vein, the overall market capitalization increased by 2.38% to ₦49.3 trillion as investors fortune grew by ₦1.1 trillion.

Market activity for the day was positive as volume and value traded increased by 21.69% and 8.86% to close at 1.3 billion units and N16.38 billion respectively.

We expect bulls to maintain dominance in the market in the absence of any negative catalyst.

CURRENCY MARKET:

The Nigerian Naira depreciated by 5.99% against the US Dollar in the NAFEM Window, closing at a rate of ₦931.23/USD.