Report
ARM Securities Limited
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Monthly Equities Market Report - July 2023

Global Equities Market

The global equities market ended July 2023 on a positive note, following a slowdown in inflationary pressures. This necessitated major central banks to ease off on their interest rate hikes. During the month, both the US Federal Reserve and the European Central Bank (ECB) raised their benchmark interest rates by 25bps each to 5.25%-5.50% and 3.75% respectively. In the United Kingdom, we anticipate that the Bank of England (BOE) will follow suit and raise its key interest rate by 25bps–50bps in their August meeting, seeking to bring inflation down to their targeted rate of 2% (June 2023 inflation: 7.9%).

Domestic Equities Market

The Nigerian equities market continued its bullish trend for the ninth consecutive month, albeit with a slightly slower pace. As a result, the year-to-date (YtD) returns surged from 18.96% in June 2023 to an impressive 25.53% in July 2023. This sustained growth is following the continued positive impact of pro-market policies implemented by the new administration since its inauguration. During July 2023, positive investor sentiment was sustained as the equities market recorded gains in 12 out of 21 trading days, compared to 11 out of 19 trading days in June 2023. Moreover, on a Month-on-Month (MoM) basis, both the average volume and value traded on the NGX increased significantly by 67.00% and 67.63% to NGN 1.14bn and NGN 17.90bn respectively. Notably, the NGX 30 Index, which tracks the performance of the top thirty (30) tickers in terms of market capitalization and liquidity in the market, matched the performance of the NGX ASI, which settled at an impressive 64,337.52pts in July 2023 compared to the 60,968.27pts recorded in June 2023.
03/08/2023 7 EN
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. ​

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