—Naira Depreciate to N777.82 (-1.26%)
July 21, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The Nigerian equities market concluded the week’s trading on a bullish note, with equities gaining for 4 trading days in the week and leaving the bears with only 1 day to dominate. We saw a positive performance as all banking stocks rallied. Consequently, the NGX All-Share Index experienced a rise of 168 basis points, closing at 65,003.39 points, up from 63,930.72 points recorded on Thursday.
The day’s positive performance was attributed to significant increases in major stocks like STANBIC (+10%), GTCO (+10%), FBNH (+9.97%), UBA (+9.96%), ACCESSCORP (+9.88%), and ZENITHBANK (+8.82%), along with 42 other stocks. These notable appreciations collectively contributed to the overall upturn in the market.
The market’s positive momentum led to a Year to Date (YTD) return of 26.83%, accompanied by a 1.68% increase in market capitalization, reaching N35.39 trillion. This upward movement significantly boosted investors’ wealth, which saw a notable rise of N584.08 billion.
We anticipate a bullish sentiment in the equities market next week as we see firms release their half year results.
Currency Market
The Nigerian Naira depreciated by 1.26% against the US Dollar in the I&E Window, closing at a rate of N777.82/USD.
