Monthly Equities Market Report | July 2024
The global equity market continued to be positive in July 2024, while the Nigerian equities market closed on a negative note, with the NGX All Share Index (NGX ASI) shedding 2.28% MoM to settle at 97,774.22 points.In August, we believe that the bearish performance of the equities market will continue. We base this on the expectation of sustained high fixed income yields, negative sentiment stemming from the Senate-assented taxation of banks’ foreign exchange revaluation gains and underwhelming Q2:2024 earnings. However, we recommend that investors position themselves in defensive stocks with strong fundamentals, particularly within the Banking, Oil and Gas and Industrial Goods sectors.
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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