— NGXASI stands at +31.57% (YTD); Naira remained unchanged to close at N1,339.33

May 28, 2024/Futureview Research

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EQUITIES MARKET:

Bullish momentum prevails in the domestic bourse as the day’s trading closed in the green, continuing the positive trend from the previous trading session as the All-Share Index (NGXASI) gained 0.53% to close at 98,383.04 points from 97,863.34 points in the previous session.

The positive performance was primarily driven by investors  continued interest in Tier 1 banks and other major stocks like – DANGSUGAR (+10.00%) , TRANSCORP (+8.57%) , NB (+8.25%), FBNH (+4.27%), SEPLAT (+3.33%), ZENITHBANK  (+2.11%), GTCO (+0.66%), ACCESSCORP (+0.29%) and 20 others.

Consequently, the year-to-date return settled at 31.57%. Similarly, the overall market capitalization increased by 0.53% to close at N55.65 trillion as investor’s wealth grew by N249.12 billion.

Market activity for the day was positive as volume and value traded increased by 52.49% and 10.85% to 559.61 million units and N6.58 trillion, respectively.

We expect bulls to extend dominance in the coming session amidst renewed interest in the banking stocks.

CURRENCY MARKET:

The Nigerian Naira closed flat against the US Dollar in the NAFEM Window, closing at a rate of ₦1,339.33.