—-Naira Gain 100bps

October 10, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Nigerian Exchange closed the day’s trading on a negative note, driven by high sell-offs in the banking sector, leading the NGX All-Share Index (NGXASI) to close the day at 66,984.62 points, showing a 17-basis point drop compared to the previous session’s closing level of 67,101.33 points.

The day’s negative performance was primarily influenced by selling activities in prominent Banking stocks such as ACCESSCORP (-1.25%), GTCO (-0.70%), UBA (-0.29%), ZENITHBANK (-0.47%), PRESCO (-9.54%), and 22 other stocks contributing to the overall negative close.

As a result, the year-to-date return stood at 30.70%, and the market capitalization saw a 0.17% downtick, ending at N36.80 trillion. This decrease translated to a decline of N64.12 billion in investors wealth.

Market activity for the day declined as volume and value traded shed 28.18% and 61.23% to 268.66 million units and N3.46 billion respectively

We expect equity market to trade mixed in this week.

CURRENCY MARKET:

The Nigerian Naira appreciated by 1.00% against the US Dollar in the I&E Window, closing at a rate of N765.83/USD.