Bearish Sentiment Prevails as NGXASI Down -24 bps, Investors Loss N132.65Bn

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—NGXASI stands at +30.36% (YTD); Naira depreciated by 2.86% to close at N1,520.40

May 14, 2024/Futureview Research

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EQUITIES MARKET:

The bearish forces are exerting influence in the local bourse continuing the downward trend, with bearish sentiment, driving prices down. The All-Share Index (NGXASI) dropped by 24 basis points to close at 97,473.98 points from 97,708.74 points in the prior session.

The market’s negative performance was fueled by sell off in major stocks amongst which were; DANGSUGAR (-10.00%), PZ (-10.00%), WEMABANK (-5.44%), UBA (-2.34%) FBNH (-2.00%)  ZENITHBANK (-0.86%) and 14 others.

As a result the year-to-date return settled at 30.36%. Similarly, the overall market capitalization declined 0.24% to close at N55.13 trillion with investors’ wealth down by N132.65 billion.

Market activity for the day was negative as both volume  and value traded decreased  by 30.18% and 48.90% to 306.60 million units  and  N5.81 billion, respectively.

We expect bears to extend its dominance on equities in the coming session as investors await April inflation data as well as interest in the FGN Bond auction.

CURRENCY MARKET:

The Nigerian Naira depreciated by 2.86% against US Dollar in the NAFEM Window, closing at a rate of ₦1,520.40.

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