Bulls Conquer Trading Week as NGXASI Up +99bps; Investors Gain N562.90Bn

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—–NGXASI stands at +35.52% (YTD); Naira depreciated by 1.57% to close at ₦1,627.40

March 8, 2024/Futureview Research

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The Nigerian equities market closed the final trading session of the week in positive territory as bulls continued to dominate throughout the week, marking gains for all five trading days. The NGX All-Share Index increased by 99 basis points by the close of the session, reaching 101,330.85 points compared to the previous session’s 100,335.30 points.

The market’s positive performance was driven by increases in the prices of key stocks such as MTNN (+9.99%), DANGSUGAR (+9.98%), NASCON (+9.97%), PZ (+7.82%), FLOURMILL (+6.88%), GTCO (+0.98%), and 16 additional stocks.

As a result, the year-to-date return rose to 35.52%. In a similar vein, the overall market capitalization experienced a 0.99% uptick, reaching N57.29 trillion, as investors saw their wealth grow by N562.90 billion.

Market activity for the day was mixed as volume traded declined by 35.44% to 358.12 million units while value traded rose by 12.11% to N19.88 billion, respectively.

We expect the market to sustain its bullish trend in the coming week.


The Nigerian Naira depreciated by 1.57% against US Dollar in the NAFEM Window, closing at a rate of ₦1,627.40.

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