Bulls held sway as the Nigerian Equities market extended the previous day’s positive outing to close the day’s trading session in the green region amidst improved turnover. The benchmark NGX All-Share Index (NGXASI) recorded an uptick of 357 basis points during today’s session. The index increased from 80,324.53 points to 83,191.84 points, representing a new milestone achieved.
The day’s positive performance was attributed to investors’ buying activities in major stocks like Access Corporation (+8.39%), Dangote Sugar (+4.31%), GTCO (+9.55%), FBN Holdings (+10.00%), MTN Nigeria (+3.51%), Zenith Bank (+9.99%), UBA (+9.03%) and 67 other stocks.
Consequently, the year-to-date return surged to 11.26%, while the overall market capitalization gained 3.56% to N45.52 trillion as investors’ wealth rose by N1.57 trillion.
Market activity for the day was positive as volume and value traded increased by 18.46% and 61.77% to reach 1.41 billion units and N24.68 billion respectively.
We expect a sustained bullish trend in the equities market this week driven by improved investors’ sentiment.
CURRENCY MARKET:
The Nigerian Naira depreciated by 27.19% against the US Dollar in the NAFEM Window, closing at a rate of ₦1089.51/USD.
