—NGXASI stands at +30.67% (YTD);Naira depreciated by 0.80% to close at N1, 478.11

May 13, 2024/Futireview Research

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EQUITIES MARKET:

The Nigerian equities market began the week on a downward trend, with bearish sentiment outweighing bullish activity. The All-Share Index (NGXASI) dropped by 53 basis points to close at 97,708.74 points. Profit-taking actions and the ongoing FGN Bond auction were cited as factors influencing investor decisions.

The market’s negative performance was driven by investors’ profit taking activities in major stocks amongst which were; SEPLAT (-10.00%), TRANSCORP (-4.37%), UBA (-2.28%), NB (-2.13%) ACCESSCORP (-0.57%)  FIDELITY (-0.5%) and 18 others.

As a result the year-to-date return settled at 30.67%. Similarly, the overall market capitalization declined 0.53% to close at N55.26 trillion as investor’s wealth decreased by N296.82 billion.

Market activity for the day was positive as volume  and value traded increased  by 27.51% and 51.25% to 439.10 million units  and  N11.38 billion, respectively.

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

CURRENCY MARKET:

The Nigerian Naira depreciated by 0.80% against US Dollar in the NAFEM Window, closing at a rate of ₦1,478.11.