September 6, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Domestic bourse ended the day’s session on a negative note as noteworthy stocks declined in value pulling the NGX-ASI downward by 7bps to 68,286.28 points from 68,334.68 points in the previous session.

The day’s bearish performance was driven by decline in the prices of DANGSUGAR (-4.79%), GTCO (-1.77%), NB (-0.65%), NASCON (-0.41%), UBA (-0.33%) and 27 other stocks.

The year-to-date return settled at 33.24%. Market capitalization decreased by 0.07% to close at N37.37 trillion as against N37.40 trillion in the last session. This outcome led to a decline in investors’ wealth by N26.49 billion.

Market activity decreased as volume and value traded declined by 32.12% and 46.03% to 378.65 million units and N5.48 billion, respectively.

The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 1.60x from 0.97x, as 32 stocks appreciated, 20 stocks depreciated and 67 stocks closed flat.

We anticipate a rebound in the coming session supported by strong investors’ sentiment.

Currency Market

The Nigerian Naira depreciated by 3.57% against the US Dollar in the I&E Window, closing at a rate of N771.59/USD.