August 24, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The Nigerian stock market closed today’s trading session on a negative note as bears take over bulls three days straight gain, with the NGX All-Share Index (NGXASI) declining by 0.14% to close at 65,401.82 points, a marginal drop from the previous session’s 65,492.81 points.
This negative momentum was driven majorly by the banking stocks and other key stocks. Notably, ACCESSCORP (-3.27%), FBNH (-5.28%), PRESCO (-5.45%), OANDO (3.70%), and MTN (0.18%), alongside 34 other stocks, contributing to the downward performance.
Consequently, the year-to-date return dipped to 27.61%, while the overall market capitalization declined by 14 basis points to reach N35.79 trillion. This resulted in a substantial decrease in investors’ wealth by N49.80 billion.
Market activity rose as volume and value traded increased by 67.60% and 218.74% to 583.09 million units and N12.90 billion, respectively.
We anticipate bulls to close this week’s trading. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.
Currency Market
The Nigerian Naira appreciated by 0.22% against the US Dollar in the I&E Window, closing at a rate of N771.69/USD.
