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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.

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