…Friday’s favorable close was supported by gains in UBA (+0.65%), TRANSCORP (+3.36%) and GTCO (+2.89%)
…TRANSCORP stood out as the most traded stock, recording 653.26 million units, followed by FCMB with 360.64 million units and FIDELTIYBK with 357.06million units.
SAT, JAN 13 2024-theGBJournal|The NGX Exchange benchmark index, the All-Share Index scored a positive finish to the week, rising by 4.24% to close at 83,042.96.
Market Capitalization stood at N45.442 trillion when the week’s session closed on Friday.
Friday’s favorable close was supported by gains in UBA (+0.65%), TRANSCORP (+3.36%) and GTCO (+2.89%) which was sufficient to suppress the losses in ACCESSCORP (-0.53%) and ZENITHBANK (-1.15%). The year-to-date return advanced by 11.06%.
The market breadth reflected the positive momentum, with 75 advancers outperforming 23 decliners, resulting in a market breadth of 3.26x.
In terms of this week’s trading activity, both volume and value traded saw a decline of 32.72% and 36.51% to 600.63 million units and N9.10 billion, respectively.
TRANSCORP stood out as the most traded stock, recording 653.26 million units, followed by FCMB with 360.64 million units and FIDELTIYBK with 357.06million units.
Among the top-valued equities for the week, UBA took the lead at N9.67 billion, trailed by ACCESSCORP at N9.32 billion, and TRANSCORP at N8.88 billion.
Meanwhile, Global equities markets posted mixed performances this week, as higher-than-expected inflation data in the US and positive labour market signs tempered hopes for early Fed rate cuts.
Despite the slightly hotter-than-expected inflation data, US equities (DJIA: +0.7%; S&P 500: +1.8%), were poised to finish the week higher, driven by a rally in mega-cap stocks such as Microsoft and Nvidia.
Meanwhile, European equities (STOXX Europe: -0.8%; FTSE 100: -1.5%) were on track for another weekly decline, as the latest US inflation reading dampened expectations of early interest rate cuts by major central banks worldwide.
Elsewhere, performances in the Asian market (Nikkei 225: 6.6%; SSE: -1.6%) were mixed as the Japanese market rallied on expectations of an ultra-dovish Bank of Japan, while deflation concerns weighed on the Chinese market.
Finally, the Emerging (MSCI EM: -0.7 %) market declined, following the bearish sentiments in China (-1.6%), while the Frontier (MSCI FM: +0.3%) market saw marginal gains driven by the positive performance in Vietnam (+0.2%).
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