—NGXASI stands at +31.03% (YTD); Naira depreciated by 1.58% to close at N1, 485.66

May 23, 2024/Futureview Research

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EQUITIES MARKET:

Bears exert control in today’s trading session, keeping the domestic bourse in the red zone, as the All-Share Index (NGXASI) shed 0.15% to close at 97,978.02 points from 98,128.00 points in the previous session.

The negative performance was primarily driven by selling pressure in stocks like ACCESSCORP (-2.94%), GTCO (-2.63%), UBA (-1.72%), TRANSCORP (-1.35%), NB (-0.63%), ZENITHBANK (-0.48%) and 22 others.

Consequently, the year-to-date return settled at 31.03%. Similarly, the overall market capitalization decreased by 0.15% to close at N55.42 trillion as investors lost N84.71 billion.

Market activity for the day was positive as volume and value traded increased by 16.47% and 41.67% to 316.45 million units and N7.69 billion, respectively.

Given the current challenging macroeconomic conditions, we expect an extended bearish trend in coming trading session.

CURRENCY MARKET:

The Nigerian Naira depreciated by 1.58% against US Dollar in the NAFEM Window, closing at a rate of ₦1,484.66.