—-Naira Depreciates by 2.26%

September 18, 2023/Research & Strategy

Futureview Financial Services

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Equities Market

The Nigerian stock market wrapped up the first trading session of the week on a positive note, thanks to price uptick in AIRTELAFRI, STANBIC, and OANDO, which drove the benchmark index NGXASI up by 71 basis points, closing at 67,877.17 points.

This strong performance was primarily driven by investor interest in OANDO (up by 10%), STANBIC (up by 9.58%), UBA (up by 8.51%), AIRTELAFRI (up by 1.60%), ACCESSCORP (up by 1.45%), GTCO (up by 0.14%), and 23 other stocks. Consequently, the year-to-date return increased to 32.44%. Additionally, the overall market capitalization rose by 0.71%, closing at N37.15 trillion, resulting in an increase in investor wealth by N263.49 billion.

Market activity for the day was positive, with a 26.03% increase in trading volume to 515.28 million units and a 70.55% rise in total value traded to N8.93 billion.

The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 1.12x from 1.53x, as 29 stocks appreciated, 26 stocks depreciated and 59 stocks closed flat.

We expect bulls to sustain dominance over Equities in the coming session.

Currency Market

The Nigerian Naira depreciated by 2.26% against the US Dollar in the I&E Window, closing at a rate of N773.98/USD.