—-NGXASI stands at +39.99% (YTD); Naira depreciated by 51.21% to ₦1348.63

January 29, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities Market carried on its bullish trend, opening the week’s trading on a positive note. Today’s session saw the benchmark NGX All-Share Index (NGXASI) experience a substantial uptick of 222 basis points, rising from 102,401.88 points to 104,674.67 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 OANDO (+9.96%), DANGCEM (+9.93%), BUACEMENT (+2.98%), WEMABANK (+2.57%) and 20 other stocks.

Consequently, the year-to-date return surged to 39.99%. In the same vein, the overall market capitalization increased by 2.22% to ₦57.28 trillion, marking a new milestone as investors fortune grew by ₦1.24 trillion.

Market activity for the day was positive as value and volume traded increased by 193.06% and 32.84% to close at ₦25.94 billion and 689.93 billion units.

We expect the equities market to sustain positive sentiments in the absence of any negative catalyst.

CURRENCY MARKET:

The Nigerian Naira depreciated by 51.21% against the US Dollar in the NAFEM Window, closing at a rate of ₦1348.63/USD.