Bears Hold Sway as NGXASI Down by 12bps Investors Loss N67.45Bn

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——NGXASI stands at +35.39% (YTD); Naira depreciated by 1.86% to close at ₦1,571.31

February 22, 2024/Futureview Research

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Bears held sway as the Nigerian equities market closed the day’s trading on a negative note. The NGXASI recorded a marginal downtick of 12 basis points from 101,362.38 points to 101,239.10 points.

The market’s bearish closure was majorly driven by investors’ profit taking activities in ACCESSCORP (-2.55%), OANDO (-1.74%), PZ (-9.89%), TRANSCORP (-2.95%), UBA (-0.42%) and 23 other stocks.

Consequently, the year-to-date return decreased to 35.39%. Likewise, the overall market capitalization decreased by 0.12% to ₦55.39 trillion, as investors lost ₦67.45 billion.

Market activity for the day was negative as volume and value traded declined by 16.43% and 24.54% to 253.00 million units and ₦4.94 billion, respectively.

We expect the equities market to trade mixed this week.


The Nigerian Naira depreciated by 1.86% against US Dollar in the NAFEM Window, closing at a rate of ₦1,571.31.

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