——Naira Appreciates by 3.88%

October 3, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Nigerian exchange concluded the first trading session of the week on a positive note, primarily attributed to investors interest in the Industrial sector, leading to a notable bullish market sentiment. The benchmark NGX All-Share Index (NGXASI) experienced an appreciation of 59 basis points, settling at 66,770.97 points, compared to the preceding session’s closing figure of 66,382.14 points.

The day’s positive performance was predominantly influenced by investors interest in bellwether stocks. Notably, GTCO (+2.18%), ZENITHBANK (+0.16%), ACCESSCORP (+1.90%), FIDELITYBK (+1.20%), OANDO (+9.55%), BUACEMENT (+9.94%) and 18 other stocks who exhibited noteworthy increase.

This market movement resulted the year-to-date return to close at 30.28%. Concurrently, the aggregate market capitalization experienced an increase of 0.59%, culminating in a closing value of N36.54 trillion. Consequently, investors collectively witnessed a rise in their wealth to the tune of N212.81 billion.

Market activity for the day was mixed as volume traded increased by 24.37% to 364.32 million units, while value traded decreased by 15.02% to N3.85 billion.

We expect a mixed market in this week’s trading as equities rebound from recent loss.

CURRENCY MARKET

The Nigerian Naira appreciated by 3.88% against the US Dollar in the I&E Window, closing at a rate of N745.19/USD.