Equities Sustain Bullish Sentiment as Stanbic, BUA Foods, and Oando Drive Market, While Naira Depreciates by 0.34%


The Nigerian stock market closed today’s trading session on a positive note, as we saw the Consumer goods sector close up, highly influenced by gains recorded in BUAFOODS. This drove the benchmark index NGXASI up again by 71 basis points, closing at 68,359.22 points.


This positive performance was primarily driven by investor interest in BUA Foods (+6.32%), STANBICIBTC Holdings PLC (+3.31%), Fidelity Bank (+5.62%), OANDO (+9.92%), Transnational Corporation of Nigeria (+3.33%), Guaranty Trust Holding Company PLC (+0.43%), and 29 other stocks. 

Consequently, the year-to-date return increased to 33.38%. Additionally, the overall market capitalization rose by 0.71%, closing at N37.41 trillion, resulting in an increase in investor wealth by N263.83 billion. 

Market activity for the day varied, with a 31.33% increase in total volume traded to 676.74 million units and a 33.97% decrease in total value traded to N5.89 billion. 

We expect bulls to sustain dominance over Equities in the coming session.

Currency Market
The Nigerian Naira depreciated by 0.34% against the US Dollar in the I&E Window, closing at a rate of N776.60/USD.


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