—–NGXASI stands at +22.90% (YTD); Naira appreciated by 3.13% to ₦902.08/(USD)

January 18, 2024/Futureview Research

Click here to download the full report

EQUITIES MARKET:

The Nigerian Equities Market continues to extend its bullish run as the day’s trading closed in the green region. The benchmark NGX All-Share Index (NGXASI) recorded a notable increase of 204 basis points in today’s session. The index increased from 90,063.25 points to a new all-time high of 91,896.97 points.

The day’s positive performance was attributed to investors’ buying activities in major stocks like DANGSUGAR (+4.37%), CONOIL (+10.00%), DANGCEM (+8.27%), TRANSCORP (+9.46%), BUACEMENT (+8.96%) and 28 other stocks.

Consequently, the year-to-date return surged to 22.90%. In the same vein, the overall market capitalization increased by 2.04% to ₦50.29 trillion, marking a new milestone as investors fortune grew by ₦1 trillion.

Market activity for the day was mixed as value traded increased by 17.78% to close at N19.29 billion and volume traded declined by 12.16% to 1.1 billion units.

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

CURRENCY MARKET:

The Nigerian Naira appreciated by 3.13% against the US Dollar in the NAFEM Window, closing at a rate of ₦902.08/USD.