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Monthly Equities Market Report | September 2023


Global Market Overview: Negative Sentiments Persists

The global equities market continued its bearish trend in September, with the MSCI World Index falling by 4.48% month-on-month (MoM). This decline was reflected across all global indices under coverage, including Nigeria's All Share Index. The only exception was the United Kingdom FTSE 100 index, which gained 2.27% MoM.

Domestic Market: The Bears Dethrones the Bulls

The domestic equities market halted its ten (10) months bullish run in September 2023, as the NGX All Share Index (ASI) shed 25bps MoM to 66,382.14 points (vs. 66,548.99 points in August 2023), after losing in 12 out of 20 trading days (vs. 10 out of 23 trading days in August 2023). As a result, the market’s year-to-date (YtD) returns declined to 29.52% from 29.85% in August 2023. Gauging the average volume and value traded in the market within the month, we observed increases of 42.78% MoM and 28.48% MoM each to 566.50mn units and NGN7.41bn respectively.

 
 

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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