——NGXASI stands at +35.84% (YTD); Naira depreciated by 0.41% to ₦882.24

January 24, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities Market extended its bullish momentum, concluding mid-week trading on a positive note. Today’s session saw the benchmark NGX All-Share Index (NGXASI) experience a notable uptick of 300 basis points, rising from 98,616.97 points to 101,571.11 points.  This surge represents a new milestone as the index reached yet another all-time high, reflecting positive market sentiment.

The day’s positive performance was attributed to investors’ buying activities in major stocks like DANGCEM (+6.49%), GTCO (+0.47%), BUACEMENT (+9.98%), TRANSCORP (+4.51%), BUAFOODS (+5.59%) and 30 other stocks.

Consequently, the year-to-date return surged to 35.84%. In the same vein, the overall market capitalization increased by 3.00% to ₦55.58 trillion, marking a new milestone as investors fortune grew by ₦1.62 trillion.

Market activity for the day was negative as value and volume traded decreased by 50.62% and 34.65% to close at N8.04 billion and 488.49 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 depreciated by 0.41% against the US Dollar in the NAFEM Window, closing at a rate of ₦882.24/USD.