–NGXASI stands at +31.30% (YTD); Naira appreciated by 1.89% to close at N1,468.99

May 20, 2024/Futureview Research

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EQUITIES MARKET:

Bulls resurfaced in the Nigerian Exchange market as the All-Share Index (NGXASI) gained slightly by 0.05% to close at 98,176.58 points from 98,125.73 points in the previous session, opening the trading week in the green zone.

The positive performance was primarily driven by investor’s interest in stocks like MTNN (+2.68%), NB (+0.43%), PZ (+1.85%), and 10 others which wrote off losses in GTCO (-1.38%), UBA (-4.35%), TRANSCORP (-2.93%), ZENITHBANK (-3.05%) and 24 others.

Consequently, the year-to-date return settled at 31.30%. Similarly, the overall market capitalization appreciated by 0.05% to close at N55.54 trillion as investors’ wealth grew by N28.61 billion.

Market activity for the day was mixed as volume traded increased by 188.17% to 405.66 million units while value traded decreased by 28.98% to N6.69 billion.

We expect the equity market to trade mixed in this 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 1.89% against US Dollar in the NAFEM Window, closing at a rate of ₦1,468.99.