— NGXASI stands at +31.23% (YTD); Naira appreciated by 2.39% to close at N1, 497.33

May 17, 2024/Futureview Research

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EQUITIES MARKET:

The Bears edge out the bulls in a tepid trading session in the domestic bourse, closing the week’s trading in the Red. Propelling the All-Share Index (NGXASI) to depreciate by 3 bps to close at 98,125.73 points as against 98,156.71 points in the previous session.

The bearish performance was primarily driven by investor’s interest in stocks like; GTCO, SEPLAT, WEMABANK and 12 others.

Consequently, the year-to-date return settled at 31.23%. Similarly, the overall market capitalization depreciated by 0.03% to close at N36.96 trillion as investors’ wealth dipped by N17.53 billion.

Market activity for the day was mixed as volume traded decreased by 65.65% to 140.77 million units while value traded increased by 5.53% to N9.42 billion.

We expect the equity market to close mixed in the coming week in the absence of any positive catalyst and the looming MPC meeting which may fuel investor caution.

CURRENCY MARKET:

The Nigerian Naira appreciated by 2.39% against US Dollar in the NAFEM Window, closing at a rate of ₦1,497.33.