—–Naira appreciated by 5.68%

October 27, 2023/Research & Strategy

Futureview Financial Services

Click here to download the full report

EQUITIES MARKET

The local bourse ended the last trading session of the week on a positive note as equities rebound amid Oil/Gas and Banking stocks rally. The benchmark NGXASI gained 33bps to 67,136.58 points from 67,084.95 points in the prior session.

The upward trend was driven by investors’ interest in major market players amongst which were: SEPLAT (+3.70%), GEREGU (+2.70%), FIDELITYBK (+1.85%), NASCON (+1.75%), OANDO (+1.12%) and 27 other stocks.

Consequently, the year-to-date return rose to 31.00%. The market capitalization increased by 0.33% at the end of the day, settling at N36.89 trillion. This translated into a wealth gain of N28.36 billion for investors.

Market activity was mixed as volume traded declined by 19.99% to 214.15 million units and value traded increased by 1.32% reaching ₦5.19 billion.

The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio increased to 1.39x from 0.41x as 32 stocks appreciated, 23 stocks depreciated and 63 stocks closed flat.

We expect equities to sustain positive sentiment in coming week amidst improved investors’ sentiment.

CURRENCY MARKET

The Nigerian Naira appreciated by 5.68% against the US Dollar in the NAFEM Window, closing at a rate of N789.94USD.