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Daily Market Report for 29th Sept. 2023:
(Source: Arthur Stevens Asset Management , Date: 29-Sep-2023)

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MARKET REVIEW

The Bears dominated the Local Bourse again as the All-Share index declined by another -0.10% reiterating its previous loss of -0.31%. The day's trend can be attributed majorly to further sell-pressure in stocks of BUACEMENT, OANDO, CHAMS, WEMABANK, MTNN, and GTCO. The index closed the day at 66,382.14 points.

However, Market Breadth, which is the measure of investors' sentiments, was positive at 1.3x compared to its previous market breadth of 0.62x as 30 Gainers crossed 23 Losers.

 

GAINERS & LOSERS, VOLUME&VALUE DRIVERS, COMMODITIES RATES

The gainers were 30, led by shares of CHIPLC, and CWG with a 9.57% and 9.49% gain respectively. The Losers were 23, led by BUACEMENT and TRIPPLEG with -10.0% and -9.96% losses respectively. The Volume and Value drivers of the trend were led majorly by stocks of FIDELITYBK, MTNN, UNIVINSURE, WEMABANK, ACCESSCORP, and GTCO.

Transaction Volume heightened from 273.80 million to 292.94 million trades valued at ₦4.5 billion executed in 6,323 deals. The number of stocks that traded at the end of the day's session closed at 115.

At the time of writing this report (15:30 WAT), Brent Crude was trading at $95.27 /barrel, WTI at $90.79/barrel, OPECBASKET was trading at $97.48/barrel While Gold was trading at $1873.00/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 106.04 index points.

OUTLOOK

The Equities market closed its 5th consecutive day in the red, although investors' sentiments improved today, we expect a mixed market reaction ahead.

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