September 29, 2023/Research & Strategy

Futureview Financial Services

Click here to download the full report

The domestic stock exchange concluded the week’s final trading session on a pessimistic note, primarily attributed to heightened sell-off pressure in prominent stocks, leading to a notable downturn in market sentiment. Consequently, the benchmark NGX All-Share Index (NGXASI) experienced a modest decline of 10 basis points, settling at 66,382.14 points, compared to the preceding session’s closing figure of 66,448.63 points.

The day’s subpar performance was predominantly influenced by persistent profit-taking activities among bellwether stocks. Notably, BUACEMENT exhibited a noteworthy decline of 10%, while OANDO followed with a decrease of 9.77%. Additionally, MTN and GTCO recorded modest declines of 0.19% and 0.14%, respectively.

This adverse market movement resulted in the year-to-date return standing at 29.52%. Concurrently, the aggregate market capitalization experienced a slight contraction of 0.10%, culminating in a closing value of N36.33 trillion. Consequently, investors collectively witnessed a reduction in their wealth to the tune of N36.39 billion.

Market activity for the day appreciated as both volume and value traded increased by 6.99% and 32.81% to 292.94 million units and N4.53 billion, respectively.

We expect a mixed market in the coming week as equities rebound from recent losses.