Nigeria Market Trends (24TH Nov., 2021)

The Nigerian Stock Exchange closed the Tuesday trading session of November 23rd, 2021, on a negative note, with most of the measured indices turning red. The Market Indices were affected by mixed investors sentiments due to sell-offs and buy-interests. Market breadth closed with 18 Gainers and 14 Losers in yesterday's session.

The NGX ASI closed at 43,255.14 points, to reflect a loss of 0.01% from the previous trading day period loss of 0.14%, Investors loss N596.41 million from Tuesday trading. At the close of the market on Tuesday 23rd of November 2021, the stock exchange Equities was flat closing at N22,576.55 billion, the Bond market capitalization lost 0.02% to close at N19.374 billion. Exchange-Traded Fund (ETF) maintained a flat position closing at N7.470billion. The Markets  Year-to-Date (YTD) return, however, is currently settled at +7.41%.

 

Analyst View
Naira appreciated by 0.07% against the Dollar at the official window on Monday 22nd of November to N414.8/$1 when compared to the previous period rate that appreciated by N415.07/$1. However, the Naira slipped significantly at the parallel by 2.38%, closing at N559/$1 while the previous day value was N546/$1.

The Naira slipped significantly trailing the Dollar by a wide margin due to the import-dependent structure of the Nigerian economy. However, the Naira has been appreciating against the dollar in recent days due to some steps being taken by the CBN and the recently raised Eurobonds that have moderated the sliding effect. The fallen value of the Naira at the black market rides on hoarding and speculative purchases.

Nigeria’s foreign reserve closed Monday, 22nd November at $41.39 billion recorded as of the previous day.

SOURCE: NGX
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