SAT. 03 DEC, 2022-theGBJournal| Despite the topsy-turvy performance, Nigerian equities ended the week on a positive note, as the All-Share index closed 1.04% stronger to settle at 48,154.65 points, the highest point since 5 October.
Gains in telco heavyweights, AIRTELAFRI (+2.62%) and MTNN (+2.33%) pushed the broader index into the positive terrain. Having gained in two of five trading sessions this week, the ASI closed 1.26% higher w/w, its third consecutive weekly growth.
During the week, strong performances across AIRTELAFRI (+2.62% w/w), MTNN (+4.76% w/w) and ZENITHBANK (+3.88% w/w) were sufficient to offset the selloffs in BUACEMENT (-2.53% w/w) and STANBIC (-0.33% w/w). As a result, the year-to-date (YTD) return rose to 12.73%, while the market capitalization gained N326.98bn w/w to close at N26.23trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 77.45%%.
A total of 159.83m shares valued at N5.05bn were exchanged in 3,080 deals. FBNH (+0.00%) led the volume chart with 47.95m units traded while MTNN (+2.33%) led the value chart in deals worth N3.19bn.
Market breadth closed positive at a 1.36-to-1 ratio with advancing issues outnumbering declining ones. WEMABANK (+9.94%) led eighteen others on the leader’s table while ACADEMY (-9.35%) topped thirteen others on the laggard’s log.
Meanwhile, Global equities were broadly positive as investors’ sentiments were buoyed by dovish comments from Federal Reserve Chairman Jerome Powell, indicating a moderation in interest rate hikes starting from December.
Furthermore, China’s slight easing of Covid-19 lockdown measures following unrest over restrictive virus controls supported sentiments. Accordingly, US (DJIA: +0.1% and S&P 500: +1.3%) stocks are set to close the week higher following the positive reaction to dovish comments from the Federal Reserve amid stronger-than-expected payroll data.
Likewise, European equities (STOXX Europe: +0.3% and FTSE 100: +0.5%) posted marginal gains as investors reacted positively to a slower-than-expected inflation reading in the Eurozone.
In Asian markets, the Japanese (Nikkei 225: -1.8%) equities declined as the strengthening of the Japanese yen against the greenback undermined market performance.
In comparison, the SSE (+1.8%) rallied on heightened expectations that Beijing will loosen its harsh COVID-19 restrictions while focusing on economic growth.
Likewise, the Emerging (MSCI EM: +4.0%) and Frontier (MSCI FM: +3.1%) markets posted significant gains on the back of positive sentiments in China (+1.8%) and Vietnam (+11.2%), respectively.
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