The Nigerian equities market opened the first trading session of the year 2024 in the green region. The Benchmark NGXASI gained 163bps in today’s trading to close at 75,990.88 points from the previous session close of 74,773.77 points.
The day’s positive performance was attributed to investors’ buying activities in bellwether stocks like Zenith Bank (+0.91%), Transnational Corporation of Nigeria (+9.93%), United Bank for Africa (+1.36%), Airtel Africa (+5.99%), Access Corporation (+1.73%), NASCON Allied Industries Plc (+0.47%) along with 44 other stocks which kept the All-Share-Index in the positive terrain.
As a result, the year-to-date returns rose to 48.27%, while the overall market capitalization gained 1.63% as investors’ fortune grew by N665.98 billion.
Market activity for the day was mixed as volume traded gained 39.93% to 515.81 million units, while value traded declined by 56.53% to N5.57 billion.
We expect the bulls to sustain dominance on equities in the absence of a negative catalyst.
CURRENCY MARKET:
The Nigerian Naira depreciated by 8.97% against the US Dollar in the NAFEM Window, closing at a rate of N988.46/USD.
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