The trading week in the Nigerian stock market concluded on a positive note, with increased investor interest for Banking and Consumer Goods stocks resulting in a 9 basis points upswing in the NGX All-Share Index (NGXASI), which reached 68,143.34. This helped to partially recover losses from the previous session.
The day’s favorable performance was driven by investor interest in key stocks, including OANDO (+10%), FCMB (+4.45%), Flour Mill (+3.17%), NASCON (+2.47%), WAPCO (+2.87%), First Bank Nigeria Holdings (+1.65%), Access Corporation (+0.57%), and 23 other stocks.
Consequently, the year-to-date return advanced to 32.96%. In a similar vein, the overall market capitalization saw a 0.09% uptick, closing at N37.30 trillion, resulting in investors’ wealth increasing by N33.51 billion.
Market activity varied as volume traded increased by 27.88% to 483.49 million units, while value traded decreased by 0.42% to N8.34 billion.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 1.76x from 0.87x, as 30 stocks appreciated, 17 stocks depreciated and 67 stocks closed flat.
We expect the equities market to commence the coming week on a positive note, driven by investors’ positive sentiment.
Currency Market
The Nigerian Naira appreciated by 1.93% against the US Dollar in the I&E Window, closing at a rate of N722.39/USD.
