Bullish momentum prevailed in the Nigerian equity market as the NGX All-Share Index (NGXASI) gained 32 basis points to close at 70,840.72 points from the previous session’s close of 70,612.81 points. This uptick signifies a boost in investor confidence.
The day’s positive performance was primarily driven by the upward movement in mid to high cap stocks, including notable performers such as JAPAULGOLD (2.78%), First Bank Nigeria Holdings (0.25%), Mecure Industries Limited (9.80%), Guaranty Trust Holdings Company (0.83%), BUA Cement (3.34%), Zenith Bank (2.69%), and 30 other stocks.
Consequently, the year-to-date return surged to 38.22%, while the market capitalization increased by 0.38%, to close at ₦38.94 trillion. This led to a ₦145.51 billion gain in investors’ wealth.
Market activity was negative as volume and value traded decreased by 30.98% and 56.54% to reach 327.43 million units and ₦3.37 billion, respectively.
We anticipate equities sustain the bullish trend amid positive investors’ sentiment.
CURRENCY MARKET:
The Nigerian Naira depreciated by 6.89% against the US Dollar in the NAFEM Window, closing at a rate of N850.22/USD.
