The Nigerian stock market concluded the week’s trading on a positive note, driven by investors huge interest in all sector with major impact in the BANKING SECTOR, as the ASI broke yet another record, resulting the benchmark NGXASI index to gain 147 basis points (bps) to close at 67,527.19 points, as against its previous day closing value of 66,548.99 points.
The unfavorable performance of the day was primarily influenced by investors’ sell-off activities in prominent stocks. Notable Dangote Cement (+2.72%), Zenith Bank (+4.56%), Access Corporation (+3.61%), Transnational Corporation of Nigeria (+9.88%), Dangote Sugar (+10%) Fidelity Bank (+9.93%), NASCON (+9.99%), along with 34 other stocks.
The year-to-date return grew to 31.76%, accompanied by a 1.47% up trend in the overall market capitalization, which ultimately reached N36.96 trillion. This outcome led to a huge increase in investors’ wealth by N535.38 billion.
Market activity witnessed a decline as both trading volume and value exhibited decrease, shed 18.88% and 3.69% to 503.75 million units and N6.92 billion, respectively.
We anticipate the bullish momentum to continue in the coming week, as we see banks release their half-year results with great profits.
Currency Market
The Nigerian Naira appreciated by 2.93% against the US Dollar in the I&E Window, closing at a rate of N740.38/USD.
