—NGXASI return +37.78% (YTD); Naira depreciated by 7.53%

November 7, 2023/Futureview Research

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EQUITIES MARKET:

The Nigerian equity market continued riding the bullish wave as the day closed in the green. The benchmark NGX All-Share Index (NGXASI) recorded a 19-basis point increase, closing the session at 70,613.60 points, marking a marginal increase from the prior day’s close of 70,479.62 points, reflecting continued investor confidence and favorable market sentiment.

The notable market gain was primarily driven by substantial price increases observed in Tier 1 banks rally, as FBNH (+6.35%), FIDELITYBK (+4.44%), UBA (+0.85%) and GTCO (+0.85%) increased, along with 18 other stocks.

Consequently, the year-to-date return surged to 37.78%, while the market capitalization rose by 0.22%, to close at ₦38.798 trillion. This led to appreciation of investors wealth to ₦85.45 billion.

CURRENCY MARKET:

The Nigerian Naira depreciated by 7.53% against the US Dollar in the NAFEM Window, closing at a rate of N869.91/USD.