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Daily Market Report for 18th Sept. 2023:
(Source: Arthur Stevens Asset Management , Date: 18-Sep-2023)

Dear Esteemed Investor,  

   Kindly Click Arthur Stevens Asset Management | Welcome for the full report.

  

Best regards.

MARKET REVIEW

Buy Pressure in stocks of OANDO, STANBIC, CHAMS, TRANSCOHOT, and UBA lifted the NGX-ASI up by 0.71% index points compared to its previous day's gain of 0.09%. The index closed the day at 67,877.17 points.

At the close of trading, Market Breadth, which is the measure of investors' sentiments, was positive at 1.12x compared to its previous market breadth of 1.53x as 29 Gainers crossed the line against 26 Losers.

 

GAINERS & LOSERS, VOLUME&VALUE DRIVERS, COMMODITIES RATES

The gainers were 29, led by shares of CHAMS, NNFM, and OANDO with a 10.0% gain each. The losers were 26, led by OMATEK, and SKYAVN with a -10.0% and -9.95% loss each. The Volume and Value drivers of the trend were led majorly by shares of UBA, TRANSCORP, AIRTELAFRI, ACCESSCORP, and UBA.

Volume traded for the day increased by 26.03% from 408.87 million to 515.28 million trades valued at ₦8,925.83 billion executed in 8,357 deals. The number of stocks that traded at the end of the day's session closed at 114.

At the time of writing this report (15:30 WAT), Brent Crude was trading at $94.72 /barrel, WTI at $91.96/barrel, OPECBASKET was trading at $96.87/barrel While Gold was trading at $1948.10/ounce on the international Commodities Market. The U.S Dollar Index which is a measure of the value of the U.S. dollar relative to a basket of foreign currencies closed at 105.22 index points.

OUTLOOK

We expect a mixed reaction in the Local bourse as investors engage in bargain-hunting in the Banking, Oil/Gas, Consumer Goods, and Industrial Goods sectors.

We reiterate that investors should go for stocks with strong fundamentals in the market trend and not be swayed by popular opinion.

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Copyright © 2021 Arthur Steven Asset Management, All rights reserved.Our mailing addresses are:86 Raymond Njoku Ikoyi Lagos:

SW Ikoyi, Lagos, Nigeria.

Arthur Steven Asset Management

Nigeria

Telephone:  +234 9035996606,  +234 9036881136 

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