Bears Persist as NGXASI Down by 11bps; Investors Loss N62.21 Bn

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—NGXASI stands at +39.83% (YTD); Naira appreciated by 0.78% to close at N1,560.57

March 19, 2024/Futureview Research

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Bears persist in the Nigerian Exchange as the market sustained its negative momentum to end the trading session in the red zone. The NGX All-Share Index shed 11 basis points by the close of the day, reaching 104,553.31 points compared to the previous session’s 104,663.34 points.

The market’s positive performance was driven by price appreciation in key stocks such as OANDO (+4.00%), FBNH (+9.06%), UBA (+1.57%), WAPCO (+2.78%) and 23 additional stocks.

As a result, the year-to-date return decreased to 39.83%. Similarly, the overall market capitalization experienced a 0.11% downtick, reaching N59.12 trillion, as investors lost N62.21 billion.

Market activity for the day was mixed as volume traded increased by 6.82% to 307.05 million units and value traded declined by 29.69% to N7.59 billion, respectively.

We expect the equities market to trade mixed this week.


The Nigerian Naira appreciated by 0.78% against US Dollar in the NAFEM Window, closing at a rate of ₦1,560.57.

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