—NGXASI stands at +31.27% (YTD); Naira depreciated by 2.24% to close at N1,339.23

April 26, 2024/Futureview Research

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EQUITIES MARKET:

Bears resurfaced in the Nigerian Equities market, overturning yesterday’s bullish close as the NGX All-Share Index shed 2 basis points by the close of the day, reaching 98,152.91 points compared to the previous session’s 98,169.30 points.

The market’s negative performance was primarily driven by profit taking activities in stocks such as GTCO (-1.25%), NB (-2.90%), NESTLE (-3.01%), ZENITHBANK (-0.91%) and 15 others.

As a result, the year-to-date return settled at 31.27%. Consequently, the overall market capitalization experienced a 0.02% decline, reaching N55.51 trillion, as investors lost N9.27 billion.

Market activity for the day was negative as volume and value traded declined by 10.81% and 22.92% to 265.07 million units and N5.02 billion, respectively.

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

CURRENCY MARKET:

The Nigerian Naira depreciated by 2.24% against US Dollar in the NAFEM Window, closing at a rate of ₦1,339.23.