Report
EUR 4.00 For Business Accounts Only

Monthly Equities Market Report | August 2023

Global Market Overview: Reign of the Bears

Global equities market closed bearish as the MSCI World Index fell by 2.55% Month-on-Month (MOM). This negative performance reflected on all the global indices under our coverage save for Nigeria’s NGX All Share Index (ASI). For context, United States’ S&P 500 (-1.77% MoM) declined despite easing inflationary pressures, however, rising treasury yields shored returns.

Domestic Market: Bullish Momentum Teetering on the Edge

Bullish sentiment continued to dominate the Nigerian equities market for the eighth (8th) consecutive month this year, albeit at a noticeably slower pace. In August, the market recorded a 3.44% MoM increase, settling at 66,548.99 points (vs. 5.53% MoM increase to 64,337.52 points in July 2023). Consequently, year-to-date (YtD) returns rose from 25.53% in July 2023 to a solid 29.85% in August 2023. Notably, on August 29th, 2023, the NGX All Share Index (ASI) reached a 15-year peak, registering 66,490.34 points, the highest level since the 66,371.20 points recorded on March 5th, 2008.

Provider
ARM Securities Limited
ARM Securities Limited

ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape. ​

ResearchPool Subscriptions

Get the most out of your insights

Get in touch