Nigeria Market Trends (8th Nov., 2021)

The Nigerian Stock Exchange closed the Friday trading session of November 5th, 2021, on a positive note, with some of the measured indices turning red. The Market Indices were affected by mixed investors sentiments due to sell-offs and buy-interests. Market breadth closed with 24 Gainers and  13 Losers in yesterday's session.

The NGX ASI closed at 42,014.50 points, to reflect a gain of 0.17% from the previous trading day loss of   0.08%, Investors loss N12.58 billion week on week. At the close of the market on Friday 5th of November 2021, the stock exchange Equities gained 0.17% to N21.925 billion, the Bond market capitalization gained 0.01% to N19.37 billion. Exchange-Traded Fund (ETF) also gained 2.04% closing at N7.255 billion. The Markets  Year-to-Date (YTD) return, however, is currently settled at +4.33%.

Analyst View
Naira appreciated against the dollar by 0.2% at the official window on Friday  5th of November to N414.30/$1 when compared to the previous period rate of N415.10/$1. However, the Naira traded flat against the dollars at the previous rate of N570/$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.

The Foreign exchange declined to close at $41.76 billion as of Thursday 5th November 2021.