March 24, 2024/Futureview Research

NGXASI stands at +39.02% (YTD); Naira appreciated by 1.78% to close at N1,382.95

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EQUITIES MARKET:

Bears sustain momentum in the Nigerian Exchange as the market closed the day’s trading in the red region. The NGX All-Share Index shed 18 basis points by the close of the day, reaching 103,952.47 points compared to the previous session’s 104,136.35 points.

The market’s negative performance was driven by investors’ profit taking activities in major stocks such as MTNN (-1.70%) ACCESSCORP (-2.12%), FBNH (-3.57%), NESTLE (-0.01%), TRANSCORP (-1.41%) and 20 additional stocks.

As a result, the year-to-date return decreased to 39.02%. Similarly, the overall market capitalization experienced a 0.18% downtick, reaching N58.77 trillion, as investors lost N103.97 billion.

Market activity for the day was mixed as volume traded increased by 22.03% to 374.41million units and value traded declined by 0.81% to 11.29 million units.

We expect the equities market to trade mixed this week.

CURRENCY MARKET:

The Nigerian Naira appreciated by 1.78% against US Dollar in the NAFEM Window, closing at a rate of ₦1,382.95.