The Nigerian Stock Exchange (NSE) witnessed a month of growth in July 2023, with the Nigerian Stock Exchange All-Share Index (NGX-ASI) recording a notable 5.53% gain.
But as of the closing of the stock market on July 31, 2023, the NGX-ASI experienced a decline of 1.10% to reach a value of 64,337.52 points.
Despite the decline on the last trading day of the month, the overall market trend remained bullish. The NGX-ASI achieved an impressive Year-to-Date (YTD) gain of 25.53% by the end of July 2023.
The YTD gain measures the overall performance of the stock market from the beginning of the year until the specified date, indicating that, despite fluctuations, the market had performed well and had seen considerable growth since the start of the year.
How some of the market indices performed in the month of July 2023:
- NGX-ASI: 64,337.52 points +5.53% MoM, +25.53% YtD
- NGX Oil and Gas: 931.42 points +20.05% MoM, +101.40% YtD
- NGX Insurance: 260.74 points +14.83% MoM, +49.54% YtD
- NGX Industrial: 2,844.36 points +14.17% MoM, +18.36% YtD
- NGX 50: 2,449.88 points +8.08% MoM, +40.93% YtD
- NGX 30: 2,311.01 points +6.49% MoM, +27.22% YtD
- NGX Banking: 670.22 points +3.84% MoM, +60.53% YtD
- NGX CG: 1,850.71 points +3.49% MoM, +44.98% YtD
- NGX Consumer Goods: 853.75 points -4.58% MoM, 44.97% YtD
Throughout July 2023, the NGX-ASI displayed remarkable strength, buoyed by positive investor sentiment and strong performance in various sectors.
In general, most market indices demonstrated growth, indicating a bullish trend in the Nigerian stock market. Several sectors performed exceptionally well, contributing to the overall positive performance of the stock exchange.
Among the various sector-specific indices, the NGX Oil and Gas Index emerged as the top performer, achieving a remarkable 20.05% MoM gain and 101.40% YtD,
The Insurance sector also stood out during the month, with the NGX Insurance Index posting a significant 14.83% MoM gain.
The Insurance sector also stood out during the month, with the NGX Insurance Index posting a significant 14.83% MoM gain.
The Industrial sector, which comprises about the ten most capitalized and liquid companies in the industrial sector such as Dangote Cement, BUA Cement, Notore, Cutix, Berger, WAPCO, etc. registered a notable 14.17% MoM gain.
The NGX 50 Index and NGX 30 Index, representing the top 50 and top 30 companies listed on the exchange, respectively, also experienced substantial growth during the month. Both indices recorded gains of 8.08% and 6.49% MoM, respectively, further highlighting the overall positive sentiment in the market.
Nevertheless, the Consumer Goods sector experienced a slight decline during the month, but it still maintained significant growth from the beginning of the year.
How some of the stocks performed: On the last trading day of July, the Nigerian stock market experienced a downward performance.
Several prominent stocks saw significant declines during this trading session. Dangote Sugar Refinery (DANGSUGAR) took a notable hit, with its share price dropping by 10%.
Similarly, both Ecobank Transnational Incorporated (ETI) and Guinness Nigeria (GUINNESS) witnessed a decrease of approximately 10% in their respective share prices. PZ Cussons (PZ) faced a decline of 9.92%, while First Bank of Nigeria Holdings (FBNH) experienced a drop of 2.96%. MTN Nigeria (MTN) also saw its share price fall by 3.68%.
Additionally, Access Bank (ACCESSCORP) faced a decline of 2.86%, contributing to the overall bearish sentiment on the day.
Despite the decline observed on the last trading day of July, around 90 listed stocks on the Nigerian Stock Exchange recorded positive Year-to-Date (YtD) gains. Among these stocks, MRS Oil emerged as the standout performer, with its stock gaining an impressive 676.24% YtD.
However, some stocks experienced negative YtD gains during the same period. UCAP (United Capital), Airtel Africa, Beta Glass, Cadbury Nigeria, International Breweries, Nigerian Breweries, Guinness Nigeria, Multiverse, and Champion recorded declines in their share prices.
