Emerging Bears Disrupt Bulls Dominance On NGX; MTN, GTCO, ZENITH Declines; Naira Down By 3.63%

The emerging Bears disrupt the Bulls’ dominance on NGX; MTN, GTCO, and ZENITH declined; Naira was down by 3.63% on Tuesday 04 July 2023.

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Equities Market: In a display of profit-taking sentiment prevailing among investors, the local stock market concluded the day’s trading session in a bearish tone. Consequently, the benchmark NGXASI experienced a downturn of 199 basis points, settling at 60,715.04 points compared to its previous level of 61,949.24 points observed on Monday.


The prevailing market sentiment for the day was shaped by investors’ inclination to sell, leading to downward pressure on 33 stocks listed on the exchange. Among these, prominent stocks like BUACEMENT (-9.86%), MTN (-1.80%), ZENITHBANK (-3.83%), GTCO (-3.84%), ACCESSCORP (-6.03%), and DANGSUGAR (-2.91%) witnessed a dip in their market prices, contributing to the overall depreciation trend.


As a result, the Year to Date (YTD) return settled at 18.47%. However, the market capitalization experienced a decrease of 1.99%, amounting to N33,059.81, which in turn led to a decline in investors’ wealth by N672.03 billion.


Market activity for the day declined as volume and value traded decreased by 8.14% and 13.04% to 1.11 billion units and N12.21 billion, respectively.


The market breadth witnessed a notable decline, shifting from 4.79x to 0.77x. Among the listed stocks, 33 demonstrated upward movement, while 43 experienced a decline, and 50 remained unchanged at the closing bell.


In the upcoming session, we expect the continuation of sell pressure exerted on equities.


Currency Market: The Nigerian Naira depreciated by 3.63% against the US Dollar in the I&E Window, closing at N768.44/USD.



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