—NGXASI stands at +33.48% (YTD); Naira depreciated by 1.07% to close at N1,148.14

April 16, 2024/Futureview Research

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EQUITIES MARKET:

The Nigerian Equities market sustained the bearish momentum to close the day’s trading in the red zone as the NGX All-Share Index shed 193 basis points by the close of the day, reaching 99,808.34 points compared to the previous session’s 101,777.12 points.

The market’s negative performance was primarily driven by profit taking activities in stocks such as ACCESSCORP (-8.63%), GTCO (-3.66%), DANGSUGAR (-8.75%), FIDELITYBK (-10.00%), MTNN (-1.32%), UBA (-8.00%) and 44 others.

As a result, the year-to-date return settled at 33.48%. Consequently, the overall market capitalization experienced a 1.93% decline, reaching N56.45 trillion, as investors lost N1.11 trillion.

Market activity for the day was positive as volume and value traded advanced by 23.65% and 16.91% to 403.89 million units and N8.38 billion, respectively.

We expect bears to maintain hold on equities amidst fresh release of inflation data.

CURRENCY MARKET:

The Nigerian Naira depreciated by 1.07% against US Dollar in the NAFEM Window, closing at a rate of ₦1,148.14.