August 30, 2023/Research & Strategy
Futureview Financial Services Limited
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Equities Market
The domestic stock market concluded the mid week trading on a negative note, driven by investor huge profit taking in TRANSCORP, as the bulls ends its three days consecutive session, resulting the benchmark NGXASI index to lose 8 basis points (bps) to close at 66,439.53 points, as against its previous day closing value of 66,490.34 points.
The unfavorable performance of the day was primarily influenced by investors’ sell-off activities in prominent stocks. Notable TRANSCORP (-9.99%), GTCO (-0.95%), FLOURMILL (-1.52%), FIDELITYBK (-1.42%), ACCESSCORP (-0.30%), ZENITHBANK (-1.79%), along with 18 other stocks.
The year-to-date return slid to 29.64%, accompanied by a 0.08% downturn in the overall market capitalization, which ultimately reached N36.36 trillion. This outcome led to a slight decrease in investors’ wealth by N27.81 billion.
Market activity witnessed a surge as both trading volume and value exhibited growth, expanding by 45.83% and 11.08% to reach 637.19 million units and N7.79 billion, respectively.
We anticipate the bullish momentum to rebound in tomorrow’s trading. As we still advise investors to invest in high-quality stocks with strong fundamentals supporting them.
The Nigerian Naira appreciated by 4.79% against the US Dollar in the I&E Window, closing at a rate of N738.18/USD.
