October 11, 2023/Research & Strategies
Futureview Financial Services
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EQUITIES MARKET:
The Nigerian stock market concluded the day’s trading on a positive trajectory, primarily influenced by investors’ attention toward the insurance sector. The NGX All-Share Index (NGXASI) ended the day at 67,100.49 points, reflecting a 17-basis point increase compared to the closing level of 66,984.62 points from the previous day.
The positive performance of the day was mainly driven by the upward movement of notable stocks, including TRANSCORP (5.41%), BUACEMENT (2.32%), NAHCO (0.63%), UBA (0.58%), FLOURMILL (0.47%), and 13 additional stocks, all contributing to the overall favorable market trend.
As a result, the year-to-date return stood at 30.93%, and the market capitalization saw a 0.17% uptick, ending at N36.86 trillion. This increase translated to a growth of N65.52 billion in the combined wealth of investors.
Market activity mixed during the day, with a 59.40% increase in the volume of traded units, reaching 410.32 million, while the value of trades decreased by 42.86% to N4.46 billion.
We expect the market to trade mixed this week.
CURRENCY MARKET:
The Nigerian Naira depreciated by 1.43% against the US Dollar in the I&E Window, closing at a rate of N776.80/USD.