—Naira up by 4.06%

September 12, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Domestic bourse concluded the second trading session of the week with a downturn, primarily driven by profit taking in the Banking and Consumer Goods sector, causing equities to slide by 80 basis points and ending the day at 66,760.20 points, down from 67,296.18 points in the previous session.

This bearish performance was influenced by profit-taking by investors in key stocks, including NASCON (-9.96%), DANGSUGAR (-9.96%), MTN (-1.53%), ACCESSCORP (-4.06%), ZENITH (-3.45%), NESTLE (-2.33%), GTCO (-1.41%), and 38 other stocks.

As a result, the year-to-date return now stands at 30.26%. Additionally, the overall market capitalization declined by 0.80%, closing at N36.54 trillion, leading to a decrease in investors’ wealth by N293.35 billion.

Market activity varied as volume traded increased by 24.11% to 645.54 million units, while value traded decreased by 86.78% to N1.10 billion.

The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 0.36x from 0.37x, as 16 stocks appreciated, 45 stocks depreciated and 55 stocks closed flat.

We expect a bearish sentiment in the upcoming session as the market continues to stay subdued, lacking any positive catalysts.

Currency Market

The Nigerian Naira appreciated by 4.06% against the US Dollar in the I&E Window, closing at a rate of N742.10/USD.