—–NGXASI stands at +36.94% (YTD); Naira depreciated by 3.94% to close at ₦1,598.54

February 19, 2024/Futureview Research

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EQUITIES MARKET:

Bears hold sway as the Nigerian Equities Market opened the week’s trading session on a negative note. The NGXASI recorded a substantial downtick of 315 basis points from 105,722.78 points to 102,393.23 points.

The day’s negative performance was attributed to investors’ profit taking activities in major stocks like DANGCEM (-10.00%), MTNN (-10.00%), DANGSUGAR (-3.16%), ETERNA (-7.43%), NB (-9.08%) and 32 other stocks.

Consequently, the year-to-date return decreased to 36.94%. Correspondingly, the overall market capitalization also decreased by 3.15% to ₦56.03 trillion, as investors lost ₦1.82 trillion.

Market activity for the day was negative as volume and value traded declined by 20.05% and 7.58% to 273.85 million units and ₦7.44 billion, respectively.

We expect the equities market to trade mixed this week.

CURRENCY MARKET:

The Nigerian Naira depreciated by 3.94% against US Dollar in the NAFEM Window, closing at a rate of ₦1,598.54.