——Naira decline by 8.90% 

October 17, 2023/Research & Strategy

Futureview Financial Services

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EQUITIES MARKET:

The Nigerian stock market ended the day on a green note as bulls take charge, driven by investor’s interest in key sectors which resulted in a 43 basis points increase in the NGX All-Share Index (NGXASI), ultimately closing at 67,326.12 points.

The day’s positive performance was primarily led by investors’ buy interest in bellwether stocks, such as ZENITHBANK(+2.64%),ACCESSCORP(+4.95%),DANGSUGAR(+3.83%), GTCO(+1.15%), UBA(+3.06%), FIDELITYBK(+1.52%)  and 21 other stocks. Together, these stocks played a part in the market’s upward trajectory.

Accordingly, the year-to-date return bounced to 31.37%. The total market capitalization surged by 0.43%, climbing to N36.98 trillion. Consequently, investors’ wealth increased by ₦158.34 billion.

Market activity for the day increased as both volume and value traded gained by 74.93% and 45.57% to 377.97 million units and N5.17bn, respectively.

We expect the market to trade mixed this week as fresh release of inflation data holds investors.

CURRENCY MARKET:

The Nigerian Naira depreciated by 8.90% against the US Dollar in the NAFEM Window, closing at a rate of N848.12/USD.