—NGXASI stands at +37.81% (YTD); Naira appreciated by 1.63% to close at N1,230.61

April 8, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities market started the trading week on a bearish note as the NGX All-Share Index shed 38 basis points, reaching 103,047.07 points compared to the previous session’s close of 103,437.67 points.

The market’s negative performance was primarily driven by profit taking activities in top stocks such as ACCESSCORP (-0.22%), GTCO (-2.08%), ZENITHBANK (-1.62%), UBA (-1.89), TRANSCORP (-1.11) and 6 others.

As a result, the year-to-date return settled at 37.81%. Consequently, the overall market capitalization experienced a 0.38% decline, reaching N58.27trillion, as investors wealth declined by N220.81 billion.

Market activity for the day was negative as volume and value traded declined by 82.25% and 62.28% to 397.94 million units and N7.06 billion, respectively.

We expect bears to maintain hold on equities in the absence of any positive catalyst.

CURRENCY MARKET:

The Nigerian Naira appreciated by 1.63% against US Dollar in the NAFEM Window, closing at a rate of ₦1,230.61.