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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.

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