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Monthly Equities Market Update | November 2023

Global Market Overview

Easing Inflation and Hawkish Pause Fuels Optimism across Markets

In a welcome turnaround, the global equities market finally caught a break in November 2023, snapping a three-month streak of losses. The MSCI World Index led the charge, climbing 0.85% month-on-month (MoM). This upswing extended to all indices under our watch, painting a picture of renewed optimism across the globe. This positive sentiment, we believe, stemmed from data suggesting that central banks might be nearing the end of their aggressive rate hikes.

Domestic Market: A Record-Breaking Performance

In November 2023, the Nigerian equities market hit a milestone, with the NGX All Share Index (ASI) surging past 70,000 points for the first time in its history. This upward trend persisted throughout the month, propelling the equities market to a 4.78% MoM increase to 71,365.98 points (vs. 69,236.19 points In October 2023). Similarly, the market's year-to-date (YtD) returns grew to 39.25% in November 2023 from 35.09% YtD the previous month, signaling sustained positive momentum.

Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

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