—-Naira Depreciated by 7.08%
September 11, 2023/Research & Strategy
Futureview Financial Services
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Equities Market
The Nigerian stock market started the trading week on a negative note, with high selloff experienced in the Banking sector resulting in a 124-basis points downturn in the NGX AllShare Index (NGXASI), which dropped to 67,296.18, from 68,143.34 points in the previous session
The day’s bearish performance was driven by investor sell off in key stocks, including UBA (-9.18%), FBNH (-2.43%), GTCO (8.62%), ZENITHBANK (-5.82%), DANGSUGAR (-9.98%), ACCESSCORP (-8.57%), and 37 other stocks.
Consequently, the year-to-date return dropped to 31.31%. In a similar vein, the overall market capitalization saw a 1.24% downturn, closing at N36.83 trillion, resulting in investors’ wealth decline by N463.66 billion.
Market activity varied as volume traded increased by 7.58% to 520.13 million units, while value traded decreased by 0.08% to N8.33 billion.
We expect bulls to rebound in the equities market in tomorrow’s trading session, driven by investors’ positive sentiment in the market.
Currency Market
The Nigerian Naira depreciated by 7.08% against the US Dollar in the I&E Window, closing at a rate of N773.50/USD.
