The Nigerian equities market concluded the week’s trading on a bullish note, with equities gaining for 4 trading days in the week and leaving the bears with only 1 day to dominate. We saw a positive performance as all banking stocks rallied. Consequently, the NGX All-Share Index experienced a rise of 168 basis points, closing at 65,003.39 points, up from 63,930.72 points recorded on Thursday.
The day’s positive performance was attributed to significant increases in major stocks like Stanbic IBTC Bank (+10%), Guaranty Trust Holding Company (+10%), First Bank Nigeria Holdings (+9.97%), United Bank for Africa PLC (+9.96%), Access Corporation (+9.88%), and Zenith Bank (+8.82%), along with 42 other stocks. These notable appreciations collectively contributed to the overall upturn in the market.
The market’s positive momentum led to a Year to Date (YTD) return of 26.83%, accompanied by a 1.68% increase in market capitalization, reaching N35.39 trillion. This upward movement significantly boosted investors’ wealth, which saw a notable rise of N584.08 billion.
We anticipate a bullish sentiment in the equities market next week as we see firms release their half year results.
Currency Market
The Nigerian Naira depreciated by 1.26% against the US Dollar in the I&E Window, closing at a rate of N777.82/USD.
