—–Naira Decline by 1.82%
October 16, 2023/Research & Strategy
Futureview Financial Services
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EQUITIES MARKET:
The Nigerian stock market initiated the week with a bearish sentiment, with lack of investor enthusiasm in critical sectors, as inflation data released today shows headline inflation for September increase from 25.8% to 26.72%, resulting to a 24 basis points decrease in the NGX All-Share Index (NGXASI), ultimately closing at 67,037.93 points.
The day’s unfavorable performance was primarily influenced by investors’ selling off of large and mid-cap stocks, including FIDELITYBK (-2.42%), OANDO (-9.24%), OKOMUOIL (-9.96%), STANBIC (-10.00%), and 18 other stocks. Collectively, these contributed to the overall downward trend in the market.
As a result, the year-to-date return decreased to 30.80%. The total market capitalization declined by 0.24% on the day, settling at N36.83 trillion. Consequently, investors’ wealth contracted by ₦89.42 billion.
Market activity for the day declined as both volume and value traded decreased by 3.75% and 14.73% to 216.07 million units and N3.55bn, respectively.
We expect market to trade mixed this week as fresh release of inflation data holds investors sentiment.
CURRENCY MARKET:
The Nigerian Naira depreciated by 1.82% against the US Dollar in the I&E Window, closing at a rate of N778.80/USD.
