Equities sustain bullish performance; investors gained N534 billion; naira up by 3.61% on July 03, 2023.
Equities Market
The Nigerian stock market started the week with a bullish sentiment as it ended in the previous week, with both the AllShare Index (ASI) and market capitalization reflecting substantial growth. Investors showed renewed confidence in the second half of the year, leading to increased trading activities and upward movement in over 67 stock prices even as we see some other few stocks declining in value.
The market noted a 1.61% increase in the benchmark NGXASI at the session’s conclusion of today’s trading. As a result, the ASI reached a closing point of 61,949.24, marking a significant rise from its previous standing at 60,968.27 points on Friday.
Interest in stocks such as STANBIC (+9.26%), ACCESSCORP (+9.94%), FBNH (+7.62%), GTCO (+4.29%), ZENITHBANK (+2.92%), CONOIL (+6.02%), MTNN (+1.68%) MRS (+5.06%), DANGSUGAR (+3.00%) exerted upward pressure on the market. Consequently, the Year to Date (YTD) return advanced to 20.87% as investors’ wealth rose by N534.01 billion.
Capital market stakeholders anticipate positive performance this week as we see investors plugging into the market for H2 portfolio rebalancing.
Currency Market
The Nigerian Naira appreciated by 3.61% against the US Dollar in the I&E Window, closing at N741.50/USD.
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