October 12, 2023/Research & Strategy

Futureview Financial Services

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EQUITIES MARKET: The Nigerian stock market concluded the trading day on a positive note, with particular attention from investors on the banking sector. The NGX All-Share Index (NGXASI) closed at 67,133.19 points, marking a 5-basis point increase compared to the previous day’s closing level of 67,100.49 points. The upbeat performance was primarily attributed to the upward movement of significant stocks, including ACCESSCORP (0.32%), FIDELITYBK (0.61%), UBA (1.45%), ZENITHBANK (1.27%), and 18 other stocks, all contributing to the overall positive market trend. Consequently, the year-to-date return reached 30.99%, and the market capitalization experienced a 0.05% uptick, closing at N36.88 trillion. This increase translated to a combined wealth growth of N17.97 billion for investors.

We expect the market to close bullish this week

CURRENCY MARKET:

The Nigerian Naira appreciated by 2.27% against the US Dollar in the I&E Window, closing at a rate of N759.20/USD.