—–NGXASI stands at +32.07% (YTD); Naira appreciated by 2.94% to close at ₦1,548.25

March 1, 2024/Futureview Research

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EQUITIES MARKET:

The domestic bourse concluded the week with a downturn as bears outpaced bulls in market activity. The NGX All-Share Index experienced a decline of 123 basis points, settling the week at 98,751.98, as opposed to 99,980.30 recorded in the preceding session.

The market downward trend was primarily propelled by significant sell-offs in BUACEMENT (-10%) and MTN (-9.96%), accompanied by considerable losses in CONOIL (-10%), NASCON (-3.94%), and FIDELITYBK (-3.85%) and 4 additional stocks.

Consequently, the year-to-date return decreased to 32.07%. Similarly, the overall market capitalization decreased by 1.23% to ₦54.04 trillion, as investors wealth declined by ₦672.12 billion.

Market activity for the day was negative as volume and value traded declined by 32.29% and 22.01% to 367.62 million units and ₦6.78 billion, respectively.

We expect the equities market to trade mixed in the coming week.

CURRENCY MARKET:

The Nigerian Naira appreciated by 2.94% against US Dollar in the NAFEM Window, closing at a rate of ₦1,548.25.