July 10, 2023/Futureview Financial Services
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Equities Market
The Nigerian equities market began the new trading week on a favorable trajectory, with investors continuing to exhibit a positive outlook towards prominent stocks. The benchmark index, NGXASI, concluded the session at 64,603.69 points, marking a 2.48% surge from its previous value of 63,040.87 points. This noteworthy increase reflects the growing confidence among investors in the market, highlighting the potential for profitable investment opportunities.
The market’s upward trajectory was primarily propelled by the strong performance of key stocks such as DANGCEM (+10%), CONOIL (+9.97%), MTN (+1.82%), MRS (+10%), and FBNH (+9.85%). These stocks, along with 66 others, influenced investor sentiment positively, highlighting their potential as lucrative investment options.
Continuing the positive momentum, the Year to Date (YTD) return surged to an impressive 26%, while the market capitalization experienced a substantial 248bps rise, reaching a total of N35,177.35 billion. Consequently, investors’ wealth witnessed a significant increase of N850.97 billion.
Market activity for the day appreciated as volume and value traded rose by 49.80% and 59.11% to 1.84 billion units and N22.03 billion, respectively.
The market breadth decreased from 5.08x to 3.74x, indicating a narrower breadth. Out of a total of 128 stocks, 71 stocks gained, 19 stocks declined, and 38 stocks remained unchanged by the end of the trading session.
We expect bullish sentiment to continue in the equities market.
Currency Market
In the I&E Window, the Nigerian Naira strengthened by 4.23% against the US Dollar, reaching a closing rate of N744.07/USD.
