——Naira Depreciated by 4.54%

October 26, 2023/Research & Strategy

Futureview Financial Services

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EQUITIES MARKET:

The Nigerian Equities Market maintained its bearish momentum with continuous profit taking on equites, as the benchmark All Share Index (ASI) closed down by 18bps to settle at 67,084.95 points from the previous session close of 67,206.16 points.

The downward close in today’s market was majorly attributed to price decline in GTCO (-1.55%), STANBIC (3.21%), FIDELITYBK (-1.82%), ZENITHBANK (-0.75%), MTN (0.40%), and 24 other mid to large capitalized stocks.

As a result, the year-to-date return decreased to 30.89%. The total market capitalization declined by 0.18% at the end of the day, settling at N36.86 trillion. Consequently, investors’ wealth contracted by ₦66.59 billion

Market activity was mixed as volume traded declined by 18.81% to 267.65 million units and value traded increased by 15.88% reaching ₦5.11 billion.

We expect bears to close the week.

CURRENCY MARKET:

The Nigerian Naira depreciated by 4.54% against the US Dollar in the NAFEM Window, closing at a rate of N837.49/USD.