The Nigerian equities market began the new trading week on a favourable trajectory after three days of profit-taking activity in the previous week. This resulted in a 60 basis points increase for the NGX All-Share Index (NGXASI). The index opened the week at 62,943.35 points, compared to its previous session close of 62,569.73 points.
The market’s upward trajectory was primarily propelled by the strong performance of key stocks such as Geregu Power (+6.06%), Access Corporation (+9.70%), Fidelity Bank (+10%), Ecobank Transnational Incorporated (+9.84%), Zenith Bank (+4.46%), and FirstBank Nigeria Holdings (+9.81%). These stocks, alongside 36 others, influenced investor sentiment positively, highlighting their potential as cost-effective asset options.
As a result, the Year to Date (YTD) return surged to 22.81%, and the overall market capitalization experienced a 0.60% increase, closing at N34,273.28 billion. Consequently, investors’ wealth witnessed a significant increase of N203.44 billion.
We anticipate mixed sentiment in the equities market this week.
Currency Market
The Nigerian Naira appreciated by 1.07% against the US Dollar in the I&E Window, closing at a rate of N795.28/USD.
