SAT, AUGUST 12 2023-theGBJournal |The Nigerian stock market recorded its third positive session to conclude the week as evidenced by the 20bps increase in the ASI on a week-on-week basis while analysis of day-on-day performance showed an 18bps increase to close the week at 65,325.37 points.
Friday’s performance ended with the year-to-date return improving by 27.46% while market cap sat at N35.55 trillion.
Friday’s positive close stemmed from the positive performances of DANGSUGAR, STERLINGNG and TRANSCORP.
44 decliners outnumbered 42 advancers causing market breadth to slip to 0.95x.
On a week-on-week basis, volume and value traded up 34.85% and 37.69% to 489.69 million units and N8.36 billion, respectively.
On the volume board, STDINSURE was the most traded stock with 220.64 million units followed by UNITYBK with 130.45 million units and TRANSCOHOT with 118.03 million units. For the week, the most valued equities were SCOA (N3.09 billion), MRS (N2.07 billion) and ACCESSCORP (N1.76 billion).
Meanwhile, Global stocks posted mixed performance as investors digested cooler-than-anticipated US inflation data and looked ahead to the release of the producer price index (PPI) data for further clues on the path of rate hikes and the outlook for the global economy.
Accordingly, mixed sentiments dominated trading in US equities (DJIA: +0.2%; S&P 500: -0.6%) following worries about the economy’s long-term prospects amid optimism that the Fed can create a smooth landing for the economy.
European equities (STOXX Europe: -0.5%; FTSE 100: -0.1%) were set to close lower as positive UK GDP data raised fears of more aggressive rate hikes from the Bank of England (BoE).
Elsewhere, Asian markets (Nikkei 225: +0.9%; SSE: -3.0%) posted mixed performances, driven by expectations of positive earnings results for Japanese firms amid Chinese property market and economic growth worries.
Elsewhere, the Emerging (MSCI EM: -1.0%) market index settled lower following negative sentiments in China (-3.0%), while the Frontier (MSCI FM: +0.1%) market index was marginally positive, supported by the gain in Iceland (+0.8%).
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