—–NGXASI stands at +34.19% (YTD); Naira depreciated by 0.22% to close at ₦1,602.17

March 7, 2024/Futureview Research

EQUITIES MARKET:

The upward momentum continued on the Nigerian equities market, marking the fourth consecutive trading session of gains. The NGX All-Share Index rose by 75 basis points, closing at 100,335.30, surpassing the 100,000 mark once again after finishing at 99,591.64 in the previous session.

The market upward trend was primarily driver by significant investors interest in MTNN (+10.00%), TRANSPOWER (+9.99%), DANGSUGAR (+10.00%), NASCON (+9.92%) and 22 other stocks.

Consequently, the year-to-date return increased to 34.19%. Similarly, the overall market capitalization increased by 0.75% to N56.73 trillion as investors’ fortune grew by N420.47 billion.

Market activity for the day was mixed as volume traded increased by 33.19% to 554.72 million units while value traded declined by 9.11% to N17.73 billion, respectively.

We expect the market to sustain its bullish trend in the coming session in absent of any negative catalyst.

CURRENCY MARKET:

The Nigerian Naira depreciated by 0.22% against US Dollar in the NAFEM Window, closing at a rate of ₦1,602.17.