Bears Forge Ahead, as Nigerian Bourse Sheds -0.06% on Banking Counters Loss

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June 4, 2024/Cordros Report

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Bears forged ahead in the Nigerian Exchange, as the day’s trading closed in the negative zone. The All-Share Index (NGXASI) shed 0.07% to close at 99,051.02 points from 99,118.86 points in the previous session.

The day’s negative performance was primarily driven by investors profit taking activities in stocks like ZENITHBANK (-03.03%), UBA (-4.11%), FIDELITYBK (-1.48%), FBNH (-1.57%) and 18 others.

Consequently, the year-to-date return settled at 32.47%. Similarly, the overall market capitalization decreased by 0.07% to close at N56.03 trillion as investor’s wealth declined by N38.24 billion.

Market activity for the day was mixed as volume traded declined by 0.63% to 347.39 million units while value traded increased by 46.19% to N7.66 billion, respectively.

We expect the market to trade mixed amidst investors profit taking actions.


The Nigerian Naira depreciated by 0.06% against the US Dollar in the NAFEM Window, closing at a rate of ₦1,476.95.

Trading in the FGN bond secondary market remained calm, as the average yield was unchanged at 18.5%. Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end as players sold off the MAR-2025 (+2bps) bond but stayed flat at the mid and long segments.

Kindly see below our Mutual Fund prices and returns as of today.


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