July 14, 2023/Research & Strategy

Futureview Financial Services

Click here to download the full report

Equities Market

The Nigerian stock exchange concluded the week with a downward trend, as market bears continued to exert control, resulting in a 29 basis points decrease for the NGX All-Share Index (NGXASI). The index closed the week at 62,569.73 points, compared to its previous session close of 62,748.94 points.

The market’s downturn was primarily attributed to persistent profit-taking activities across a wide spectrum of 57 stocks. Within this context, the banking sector emerged as the unfortunate frontrunner, witnessing notable declines in prominent stocks such as WEMABANK (-10%), FBNH (-9.46%), ACCESSCORP (-4.47%), ZENITHBANK (-3.42%), and GTCO (-0.88%), as they experienced a dip in their market prices.

As a result, the Year to Date (YTD) return saw a decline to 22.08%, and the overall market capitalization experienced a 0.29% decrease, closing at N34,069.84 billion. This led to a reduction in investors’ wealth by N97.58 billion.

Market activity for the day decreased as both volume and value traded dipped by 24.80% and 15.52% to 600.49 million units and N8.83 billion, respectively.

MARKET BREADTH: (Gainers/Losers ratio), which measures investor sentiment, decreased to 0.23x from 0.33x in the prior session as 13 stocks appreciated, 57 stocks depreciated while 48 stocks closed flat.

We anticipate mixed performance in the coming week.

Currency Market

The Nigerian Naira depreciated by 7.72% against the US Dollar in the I&E Window, closing at a rate of N803.90/USD.