July 27, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The Nigerian Exchange Limited concluded the days’ trading session on a bearish note, with negative sentiments taking hold for the second time this week, causing a downwards shift in the ASI, as investors continue to react to the new MPR rate (18.75%) announced on Tuesday. Consequently, the benchmark NGX All-Share Index (NGXASI) experienced a decline of 0.31%, sliding to 65,482.91 points, compared to its previous session of 65,991.02 points.
This market deterioration was primarily influenced by profittaking activities in significant stocks, including: JAPAULGOLD (-9.91%), FBNH (-4.39%), GTCO (-3.10%), PZ (-2.12%), FLOURMILL (-4.55%), and 33 other stocks.
As a result, the Year to Date (YTD) return settled at 27.77%. Additionally, the overall market capitalization declined by 31 basis points, closing at N35.63 trillion, leading to a significant decrease in investors’ wealth by N111.15 billion.
We anticipate bears to close the week, with the absence of positive triggers in the market.
Currency Market
The Nigerian Naira depreciated by 3.85% against the US Dollar in the I&E Window, closing at a rate of N768.60/USD.
