July 19, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The domestic stock market concluded today’s trading session with a bearish sentiment prevailing over the bullish momentum, resulting in the first negative closure for the week. As a result, the NGX All-Share Index (NGXASI) experienced a marginal decline of one basis point, settling at 63,757.23 points compared to its previous session’s closing level of 63,766.72 points.
The day’s bearish performance was driven by notable declines in major stocks such as GEREGU (-10%), FLOURMILL (-3.23%), ZENITHBANK (-1.68%), ACCESSCORP (-0.60%), and FBNH (-0.56%), as well as 22 other stocks. These losses collectively contributed to the negative closure of the domestic bourse for the day.
Consequently, the Year to Date (YTD) return experienced a minor decline, adjusting to 24.40%. Alongside this, the market capitalization also decreased by 0.01%, concluding at N34.716 trillion. As a result of this downward movement in the market, investors’ wealth diminished by N5.17 billion.
Market activity for the day decreased as both volume and value traded declined by 45.50% and 76.45% to 473.49 million units and N10.08 billion, respectively.
MARKET BREADTH: (Gainers/Losers ratio), which measures investor sentiment, decreased to 0.89x from 2.50x in the prior session as 24 stocks appreciated, 27 stocks depreciated while 64 stocks closed flat.
We anticipate a mixed sentiment in the equities market this week.
Currency Market
The Nigerian Naira depreciated by 14.71% against the US Dollar in the I&E Window, closing at a rate of N852.25/USD.
