—–NGXASI stands at +31.89% (YTD); Naira appreciated by 5.05% to ₦878.61

January 23, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities Market continued its bullish trend to close the day’s trading in the green region. The benchmark NGX All-Share Index (NGXASI) recorded an uptick of 297 basis points in today’s session. The index increased from 95,768.12 points to 98,616.97 points, marking another all-time high.

The day’s positive performance was attributed to investors’ buying activities in major stocks like DANGCEM (+9.99%), SEPLAT (+10.00%), BUACEMENT (+10.00%), ETERNA (+9.92%) and 13 other stocks.

Consequently, the year-to-date return surged to 31.89%. In the same vein, the overall market capitalization increased by 2.97% to ₦53.97 trillion, marking a new milestone as investors fortune grew by ₦1.6 trillion.

Market activity for the day was positive as value and volume traded increased by 12.97% and 3.56% to close at N16.28 billion and 747.51 million units respectively.

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

CURRENCY MARKET:

The Nigerian Naira appreciated by 5.05% against the US Dollar in the NAFEM Window, closing at a rate of ₦878.61/USD.