—NGXASI stands at +30.88% (YTD); Naira appreciated by 9.68% to close at N1,339.33

May 27, 2024/Futureview Research

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EQUITIES MARKET:

Bulls closed today’s trading, overturning last week’s negative closure as the All-Share Index (NGXASI) gained 0.26% to close at 97,863.34 points from 97,612.51 points in the previous session.

The positive performance was primarily driven by investors interest in Tier 1 banks – ACCESSCORP (+3.35%), ZENITHBANK (+2.50%), UBA (+5.73%), FBNH (+3.18%), GTCO (+1.21%) and 10 others.

Consequently, the year-to-date return settled at 30.88%. Similarly, the overall market capitalization increased by 0.26% to close at N55.36 trillion as investors wealth grew by N141.89 billion.

Market activity for the day was negative as volume and value traded decreased by 52.28% and 62.27% to 366.98 million units and N5.94 billion, respectively.

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

CURRENCY MARKET:

The Nigerian Naira appreciated by 9.68% against US Dollar in the NAFEM Window, closing at a rate of ₦1,339.33.