SAT, 25 JUNE, 2022-theGBJournal| In the week’s final trading session, the Nigerian equities extended gains for the fourth consecutive session as the All-Share index gained 0.17% to close at 51,705.61 points, the highest point since 17 June. Gains in BUAFOODS (+3.97%), FBNH (+4.46%) and MTNN (+0.26%) offset losses in NB (-0.04%) and GTCO (-0.24%) ensuring the market’s positive close.
Despite having gained in four of five trading sessions this week, the ASI closed 0.14% lower w/w, the second consecutive week of loss in the month. Selloffs in AIRTELAFRI (-0.72% w/w), DANGCEM (-0.72% w/w) and BUACEMENT (-3.16% w/w) were the major drags on the overall market, negating upticks in MTNN (+4.12% w/w), FBNH (+8.76 w/w) and ZENITHBANK (+1.17% w/w).
Consequently, the year-to-date (YTD) return fell to 21.04%, while the market capitalization shed N39.07bn w/w to close at N27.87trn.
A total turnover of 1.121 billion shares worth N13.703 billion in 22,350 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 940.892 million shares valued at N11.494 billion that exchanged hands last week in 20,077 deals.
Trading in the top three equities namely FCMB Group Plc, United Bank for Africa Plc and Oando Plc (measured by volume) accounted for 407.770 million shares worth N2.009 billion in 2,181 deals, contributing 36.39% and 14.66% to the total equity turnover volume and value respectively.
Analysis of Friday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 35.82%. A total of 156.09m shares valued at N1.83bn were exchanged in 4,312 deals. OANDO (-0.03%) led the volume chart with 19.32m units traded, while MTNN (+0.26%) led the value chart in deals worth N239.09m.
Market breadth closed negative at 1.5-to-1 ratio, with declining issues outnumbering advancing ones. LIVESTOCK (-9.09%) topped seventeen (17) others on the laggard’s table while CHAMPION (+10.00%) led eleven (11) others on the leader’s log.
Meanwhile, this week, global stocks posted broadly bullish performances as signs of slowing economic growth and lower oil and commodity prices eased inflation fears temporarily.
Accordingly, US (DJIA: +2.6%; S&P 500: +3.3%) stocks were poised to break a string of weekly losses as investors digested the Fed’s latest assertions on fighting inflation. In the same vein, European (STOXX Europe: +0.2%; and FTSE 100: +0.5%) stocks were on track to close higher as investors cut back bets on the extent of monetary policy tightening by major central banks.
Asian markets posted positive performances, as the Nikkei 225 (+2.0%) ended the week higher taking a cue from the rally on Wall Street amid gains in chip-related shares. Similarly, the SSE (+1.0%) advanced as positive signals of economic stimulus from Beijing fueled gains in tech and auto stocks.
The Emerging (MSCI EM: -0.9%) market declined as losses in South Korea (-3.1%) offset gains in China (+1.0%). Similarly, the Frontier (MSCI FM: -0.9%) market closed lower following selloffs in Kuwait (-2.4%).
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