——Naira appreciate by 1.85%

October 23, 2023/Research & Strategy

Futureview Financial Services

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EQUITIES MARKET:

The Nigerian Stock Exchange market commenced the week on a bearish note in the equities segment, leading to a 6-basis point (bps) decrease in the NGX All-Share Index (NGXASI). The index closed at 66,876.92 points, marking a decline from the previous day’s closing level of 66,915.41 points.

The market witnessed a decline as a result of investor-driven sell-offs in significant mid and high-cap stocks, such as VFDGROUP (-9.99%), GTCO (-0.85%), FCMB (-1.67%), TRANSCORP (-0.32%), in addition to 17 other stocks.

This resulted in a year-to-date return decrease to 30.49%, with a slight 0.06% reduction in total market capitalization to N36.74 trillion, leading to a decrease in investor wealth by ₦21.14 billion.

CURRENCY MARKET:

The Nigerian Naira appreciated by 1.85% against the US Dollar in the NAFEM Window, closing at a rate of N793.34/USD.