—-NGXASI stands at +31.37% (YTD); Naira depreciated by 0.34% to close at N1, 466.31

May 10, 2024/Futureview Research

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EQUITIES MARKET:

The local bourse ended the week on a negative note as bears resurface on the last session causing the NGXASI to decline slightly by 2bps to close the day at 98,233.16 points.

The market’s negative performance was driven by investors’ profit taking in key stocks such as; FLOURMILL (-4.87%), TRANSCORP (-2.70%), NB (-2.08%), NAHCO (-1.88%), ACCESSCORP (-0.57%) and 20 others.

As a result the year-to-date return settled at 31.37%. Similarly, the overall market capitalization declined 0.02% to close at N55.56 trillion as investor’s wealth decreased by N8.34 billion

Market activity for the day was negative as volume  and value traded decreased  by 49.09% and 54.86% to 344.38 million units  and  N7.52 billion, respectively.

We anticipate the equities market to trade mixed in the coming week amidst interest in the  FGN Bond auction.

The Nigerian Naira depreciated by 0.45% against US Dollar in the NAFEM Window, closing at a rate of ₦1,466.31.