Bears Forge Ahead as NGXASI Down by 37bps, Investors Loss N206.63Bn

Image Credit: forbes.com

—–NGXASI stands at +30.54% (YTD); Naira appreciated by 0.19% to close at N1, 482.81

May 24, 2024/Futureview Research

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EQUITIES MARKET:

Bearish sentiments prevailed in today’s trading, extending the negative momentum to close the trading week, as the All-Share Index (NGXASI) shed 0.37% to close at 97,612.51 points from 97,978.02 points in the previous session.

The negative performance was primarily driven by selling pressure in stocks like ETI (-9.98%), ZENITHBANK (-2.76%), UBA (-4.00%), FBNH (-9.31%), ACCESSBANK (-0.61%) and 15 others.

Consequently, the year-to-date return settled at 30.54%. Similarly, the overall market capitalization decreased by 0.37% to close at N55.22 trillion as investors lost N206.63 billion.

Market activity for the day was positive as volume and value traded increased by 143.04% and 104.45% to 769.09 million units and N15.74 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 0.19% against US Dollar in the NAFEM Window, closing at a rate of ₦1,482.81.

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