—NGXASI return +32.90% (YTD); Naira depreciates by 25.81%

October 30, 2023/Research & Strategy

Futureview Financial Services

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EQUITIES MARKET:

The Nigerian Equity Market (NGX) kicked off the trading week with a strong start, reversing the losses from the previous week, driven by a rally in high-capitalized stocks. The benchmark NGX All-Share Index (NGXASI) surged by 145 basis points (bps), closing at 68,111.71 points, up from its previous session’s level of 67,136.58 points.

The gains in the market can be majorly attributed to price appreciation in GEREGU (+4.08%), DANGCEM (+5.77%), FBNH (+4.04%), DANGSUGAR (+1.19%), CUSTODIAN (+1.43%), UBA (+4.47%), ZENITHBANK (+0.60%) and 38 other stocks, which kept the All-Shares Index in a positive terrain.

As a result of the stocks’ performances, the year-to-date returns increased to 32.90%. The market capitalization advanced by 1.45% at the end of the day, settling at N37.42 trillion. This translated into a wealth gain of N535.74 billion for investors.

MARKET BREADTH:

The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio increased to 2.81x from 1.39x as 45 stocks appreciated, 16 stocks depreciated and 57 stocks closed flat.

CURRENCY MARKET:

The Nigerian Naira depreciated by 25.81% against the US Dollar in the NAFEM Window, closing at a rate of N993.82USD.