Monthly Equities Market Report
Global Market Overview: Reign of the Bears
Global equities market closed bearish as the MSCI World Index fell by 2.55% Month-on-Month (MOM). This negative performance reflected on all the global indices under our coverage save for Nigeria’s NGX All Share Index (ASI). For context, United States’ S&P 500 (-1.77% MoM) declined despite easing inflationary pressures, however, rising treasury yields shored returns.
Domestic Market: Bullish Momentum Teetering on the Edge
Bullish sentiment continued to dominate the Nigerian equities market for the eighth (8th) consecutive month this year, albeit at a noticeably slower pace. In August, the market recorded a 3.44% MoM increase, settling at 66,548.99 points (vs. 5.53% MoM increase to 64,337.52 points in July 2023). Consequently, year-to-date (YtD) returns rose from 25.53% in July 2023 to a solid 29.85% in August 2023. Notably, on August 29th, 2023, the NGX All Share Index (ASI) reached a 15-year peak, registering 66,490.34 points, the highest level since the 66,371.20 points recorded on March 5th, 2008.
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