Monthly Equities Market Report - March 2023
Global Market Overview
The month of March was pervaded by the US banking crisis which spurred mixed sentiments across the global equities market. First, it was the collapse of the Silicon Valley Bank and Signature Bank in the United States. This was followed by the near collapse of the First Republic bank. In a bid to limit the contagion effect, the US Federal Reserve formed the Bank term Funding Program (BTFP) to provide banks and other depository institutions with emergency loans to meet the needs of depositors.
Domestic Market: Sustained Bullish Momentum Amid Domestic Headwinds
The Nigerian bourse extended its positive run (3rd) month of the year. However, the year-to-date (YtD) returns dipped 185bps from 8.89% in February 2023 to 7.02% in March 2023. We opine that this is an offshoot of 1) Investors taking a cautious position in the market amid volatility and uncertainties, 2) elevated yields in the fixed income market following the 50bps hike in interest rate by the CBN at the last monetary policy meeting 3) mixed sentiments following the release of 2022FY earnings results.
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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