November 9, 2023/Futureview Research

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EQUITIES MARKET:

The Nigerian equity market closed the day’s trading on a bullish note, as bulls maintain dominance over equities, leading the benchmark NGX All-Share Index (NGXASI) up slightly by 7-basis point, concluding the session at 70,819.49 points, marking a marginal uptick from the previous day’s close of 70,773.31 points, showing investor remained confidence in the market.

The gains in today’s market were majorly attributed to continued price appreciation in FBNH (+3.36%), UBA (+0.24%), GTCO (+0.56%), FIDELITYBK (+4.40%), and JAPAULGOLD (+9.58%), with 21 others moved the market North.

Consequently, the year-to-date return surged to 38.18%, while the market capitalization rose slightly by 0.07%, to close at ₦38.91 trillion. This led to a ₦25.37 billion increase in investors’ wealth.

Market activity was positive as volume and value traded increased by 1.94% and 71.44%, reaching 569.19 million units, and ₦16.79 billion, respectively.

We expect equities to sustain positive sentiment to end the week amidst continuous improvement in investors’ sentiment.

CURRENCY MARKET:

The Nigerian Naira depreciated by 13.95% against the US Dollar in the NAFEM Window, closing at a rate of N996.75/USD.