SAT, 09 JULY, 2022-theGBJournal| Closing the week, Nigerian equities ended mixed with a bearish tilt as the All-Share index shed 0.01% to close at 51,557.41 points. Selloffs in ACCESSCORP (-2.73%) and WAPCO (-0.76%) offset demand for ZENITHBANK (+0.69%) and UBA (+1.34%), bringing the market down slightly.
Consequently, having lost in four of five trading sessions this week, the ASI closed 0.53% lower w/w, offsetting gains of the past week.
A total turnover of 822.404 million shares worth N10.366 billion in 20,643 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.348 billion shares valued at N24.487 billion that exchanged hands last week in 22,155 deals, according the NGX Exchange data.
Trading in the top three equities namely Guaranty Trust Holding Company Plc, United Bank for Africa Plc and Transnational Corporation Plc (measured by volume) accounted for 244.025 million shares worth N2.680 billion in 3,732 deals, contributing 29.67% and 25.86% to the total equity turnover volume and value respectively.
Over the course of the week, BUAFOODS (-5.45% w/w), FBNH (-8.62% w/w), NB (-5.02% w/w) and INTBREW (-14.29% w/w) were the primary drivers of the weak performance of the broader index. As a result, the ASI year-to-date (YTD) return reduced to 20.70%, while the market capitalization lost N138.67bn w/w to close at N27.80tn.
Analysis of Friday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 1.29%. A total of 115.13m shares valued at N1.78bn were exchanged in 3,479 deals. GTCO (+0.00%) led the volume chart with 17.86m units while AIRTELAFRI (+0.00%) led the value chart in deals worth N528.22m.
The Financial Services Industry (measured by volume) led the activity chart with 491.270 million shares valued at N 4.499 billion traded in 9,961 deals; thus contributing 59.74% and 43.40% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 81.698 million shares worth N218.285 million in 605 deals. The third place was The Consumer Goods Industry, with a turnover of 55.052 million shares worth N855.318 million in 3,093 deals.
Market breadth closed positive at a 1.08-to-1 ratio with advancing issues outnumbering advancing ones. CAVERTON (+9.91%) led twelve others on the leader’s log while NAHCO (-7.31%) topped eleven others on the laggard’s table.
Meanwhile, Global stocks mounted a rebound this week as ongoing concerns about elevated inflation and the risk of recession eased temporarily. Accordingly, US (DJIA: +0.9%; S&P 500: +2.0%) stocks were poised to close positive as investors digested stronger than expected payrolls report amid ongoing fears of aggressive rate hikes.
In the same vein, European (STOXX Europe: +1.9%; and FTSE 100: +0.2%) stocks were on track to close higher on hopes of an eased inflation surge as commodity prices continue to slide. In Asia, the Nikkei 225 (+2.2%) ended the week higher, mirroring the positive sentiments on Wall Street. Meanwhile, the SSE (-0.9%) declined as new COVID-19 cases in China dented recovery hopes.
Elsewhere, Emerging (MSCI EM: +0.2%) markets edged higher as gains in South Korea (+2.0%) offset losses in China (-0.9%), while the Frontier (MSCI FM: -0.6%) market closed lower following sell-offs in Kuwaiti (-0.2%) equities.
Twitter-@theGBJournal| Facebook-The Government and Business Journal|email: gbj@govbusinessjournal.ng|govandbusinessj@gmail.com
