Monthly Equities Market Report | August 2024
Global Equities MarketIn August 2024, the global equities market extended its winning streak for another month, with the MSCI World Index rising by 4.01% month-on-month (MoM), which was mirrored in other indices. The only exceptions were China's SHCOMP and Japan’s Nikkei 225 indices, which declined by 0.97% MoM and 1.16% MoM respectively.
Domestic Equities Market
Despite a 239bps MoM decline in average fixed income yields to 20.08% in August 2024 and announcements of dividend payments, the NGX All Share Index (NGX ASI) lost 1.22% MoM to print at 96,580.01 points (vs. July 2024: -2.28% MoM to 97,774.22 points), bringing the Nigerian equities market to a bearish close for the second consecutive month. Consequently, the market’s year-to-date return (YtD) declined further to 29.16% (vs. 30.76% YtD in July 2024).
Looking ahead, we expect sustained selloffs in the market, as investors continue to take profit to lock in gains. Furthermore, the outcome of the September 2024 MPC meeting would play a pivotal role in determining the performance of the market. Nonetheless, we believe that the positive sentiment in the Oil and Gas sector would continue into September and serve as a cushion against potential losses brought on by profit-taking.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.