Nigeria Market Trends (25th Oct., 2021)

The NGX ASI closed at 41,704.11 points, to reflect a gain of 1.1% from the previous trading day gain of 0.26%, Investors gained N169.66 billion. At the close of the market on Friday 22nd of October 2021, the stock exchange Equities gained 1.10 % to N21.76 billion, the Bond market capitalization was flat and stood at N19.13 billion. Exchange-Traded Fund (ETF) grew by 0.12% to close the week at N7.07 billion. The Markets  Year-to-Date (YTD) return, however, is currently settled at +4.66%.

Analyst View
The official exchange rate at the official window was flat on Friday, October 22nd, 2021 trading while the Naira appreciated against the US dollar on Friday at the parallel market by 0.17%  to close at N574/$1 from the previous value of N575/$1. The Naira traded at the parallel opening at N572/1$ and appreciated by 0.17% to close the day at N573/$1. The Naira is significantly trailing the Dollar by a wide margin most likely to slide against the USD in days to come as the financial market is still troubled and Nigeria has little or no local alternatives to many imported items. The fallen value of the Naira at the black market rides on hoarding and speculative purchases. However, the recently raised Eurobonds may likely moderate the sliding effect.