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Monthly Equities Market Update | October 2023

 
Global Market Overview: Reign of the Bears
In October, the global equities market closed on a bearish note for the third month consecutively as the MSCI world Index fell 2.98% Month-on-Month. All indices under our coverage, save for the NGX All share Index (+4.30% MoM), came in negative.


Domestic Market: Bullish Sentiment Buoyed by Positive Earnings Results
The Nigerian equities market made an impressive comeback in October 2023, after the bearish returns recorded in the market the previous month. The NGX All Share Index (ASI) added 430bps to close at 69,236.19 points during the month (vs. 66,382.14 points in September 2023) bringing its year-to-date (YtD) returns up to 35.09% (vs. 29.52% in September 2023). The market registered gains in 12 out of 21 trading days in the month (vs. 8 out of 20 trading days in September 2023). However, average volume and value traded in October 2023 fell by 34.97% MoM and 28.91% MoM each to 368.37mn units and NGN5.26bn respectively.   
 

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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