July 13, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The Nigerian Stock Market experienced a significant profit taking on major stocks particularly in the banking stocks, leading to a further decline in the benchmark NGX All-Share Index (NGXASI). The index fell by 203 basis points to settle at 62,748.94 points, a stark similar to Wednesday’s negative performance at 64,046.93 points.
The bearish close was propelled by the continued profit taking activities, as we noted 57 stocks becoming the casualties of investor retreat. Noteworthy stocks such as FBNH (-9.82%), STANBIC (-10%), ETI (-9.94%), ACCESSCORP (-9.54%), GTCO (-5.56%), FIDELITY (-10%), and MTNN (-4.64%) were among those swept up in this tidal wave.
As a result, the Year to Date (YTD) return was left standing at 22.43%, while the market capitalization sustained a 2.03% blow, concluding at N34,167.42 billion, while investors had to bear the brunt of a staggering loss, amounting N706.77 billion.
Market activity for the day decreased as both volume and value traded dipped by 31.36% and 17.69% to 798.47 million units and N10.45 billion, respectively.
In the absence of any positive catalyst, we anticipate the week to close bearish.
The Nigerian Naira strengthened by 4.63% against the US Dollar in the I&E Window, closing at a rate of N746.28/USD.