Bulls closed today’s trading, overturning last week’s negative closure as the NGX 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 – Access Corporation (+3.35%), Zenith Bank (+2.50%), United Bank for Africa (+5.73%), FirstBank Nigeria Holdings (+3.18%), Guaranty Trust Holding Company (+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.
