The Nigerian equities market rebounded after the previous day’s pullback, leading the benchmark NGXASI to experience an upturn of 133 basis points, settling at 61,523.57 points compared to its previous level of 60,715.04 points observed on Tuesday.
The upturn was impacted by gains recorded in medium and large capitalized stocks, amongst which are; BUACEMENT (+9.44%), PRESCO (+7.73%), CONOIL (+5.68%), FBNH (+3.35%), GTCO (+2.56%), ACCESSCORP (+4.37%), and DANGSUGAR (+1.20%) witnessed an increase in their market prices, contributing to the overall market upward trend.
As a result, the Year to Date (YTD) return increased to 20.04%. Additionally, the market capitalization experienced an increase of 1.33%, amounting to N33,500.19, which in turn led investors’ wealth to advance by N440.38 billion.
In the upcoming session, we expect the continuation of buy pressure exerted on equities.
Currency Market
The Nigerian Naira appreciated by 3.40% against the US Dollar in the I&E Window, closing at N742.31/USD.
