August 28, 2023/InvestmentOne Report
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EQUITY:
- The local bourse began the week higher by 0.90% as the NGX-ASI settled at 66,151.38pts.
- In today’s trade, market breadth index was positive with 37 gainers against 25 losers.
- Today’s performance was positive as the gains recorded in DANGSUGAR (+10.00%), OMATEK (+10.00%), THOMASWY (+10.00%), TRANSCORP (+10.00%) and SFSREIT (+9.96%) outweighed the losses printed in CWG (-10.00%), JOHNHOLT (-9.80%), NEM (-9.54%), NSLTECH (-9.09%) and CUTIX (-8.33%).
- Sectoral performance was mixed today as the Consumer Goods (+5.86%) and Industrial (+0.03%) sectors closed green while the Banking (-0.90%) sector closed lower. Elsewhere, the Oil and Gas sector closed flat.
- In terms of activity levels, total volume and value declined by 13% and 8% respectively, as investors exchanged about 311 million units of shares worth around N3.92 billion. ACCESSCORP (-3.32%) was the most actively traded stock with about 44 million units of shares worth about N703 million.
- The Nigerian equities market recorded gains today due to the bullish sentiment observed in the Consumer Goods and Industrial sector. Going forward, we expect investor’s sentiment to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.
CURRENCY:
- At the IEFX window, the Naira weakened against the GBP, USD, and EUR by 0.84%, 0.06 and 1.25% to close at N973.10, N772.12 and N826.74, respectively.
- Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.
FIXED INCOME:
- Money market rates contracted today as Open Buy Back and Overnight rates declined by 108bps and 130bps to close at 23.17% and 23.90%.
- The bond market traded on a flattish note albeit with a bullish tilt as yields declined on selected maturities at the belly of the curve. However, the yields on the 5yr, 10yr and 20yr benchmark bonds closed flat at 13.16%, 14.65% and 15.04%, respectively.
- In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation.
Below are key NGX statistics as at the end of trades:
Current | 66,151.38 | Mkt Cap (N’tr) | 36.21 | |
Previous | 65,558.91 | Vol. Traded (m) | 311 | |
Day Change | 0.90% | Vol. Day Chng. | -13% | |
WTD Return | 0.90% | Val. Traded (N’bn) | 3.92 | |
MTD Return | 2.82% | Val. Day Chng. | -8% | |
YTD Return | 29.07% | No. of Deals | 7,193 | |
YTD High | 66,151.38 | No. of Gainers | 34 | |
YTD Low | 50,868.52 | No. of Losers | 24 | |
52wk High | 66,151.38 | Top Sub Sect. (by Vol.) | BNK (13%) | |
52wk Low | 43,461.60 | Top Sub Sect. (by Val.) | BNK (8%) |
