July 12, 2023/Futureview Financial Services
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Equities Market
The mid-week trading session witnessed a reversal of fortune in the domestic stock market, as the euphoria of previous gains gave way to a wave of profit-taking, plunging equities into a sea of red. Like a tempest on the horizon, the benchmark NGXASI succumbed to a decline of 247 basis points, settling at 64,046.93 points, a stark contrast to Tuesday’s robust performance at 65,669.29 points.
This sudden shift was propelled by a multitude of profit-taking activities, with 63 stocks becoming the casualties of investor retreat. Noteworthy stocks such as DANGCEM (-9.63%), FBNH (-10%), NESTLE (-1.34%), ACCESSCORP (-4.16%), and DANGSUGAR (-1.27%) were among those swept up in this tidal wave.
As a result, the Year to Date (YTD) return was left standing at 24.97%, while the market capitalization sustained a 2.47% blow, concluding at N34,874.19 billion. The financial landscape saw investors bear the brunt of a staggering loss, amounting to a daunting N883.39 billion.
Market activity for the day increased as both volume and value traded rose by 37.71% and 34.87% to 1.16 billion units and N12.69 billion, respectively.
MARKET BREADTH: (Gainers/Losers ratio), which measures investor sentiment, decreased to 0.19x from 1.12x in the prior session as 13 stocks appreciated, 63 stocks depreciated while 47 stocks closed flat.
In the absence of any positive catalyst, we anticipate a continuation of profit taking.
Currency Market
The Nigerian Naira strengthened by 0.75% against the US Dollar in the I&E Window, closing at a rate of N782.49/USD.
