SAT. 21 JANUARY, 2023-theGBJournal| In the last trading session of the week, the domestic bourse slipped as the All-Share Index declined by 0.06% to close at 52,594.68 points.
On market movers, selloffs in NESTLE (-1.81%), ZENITHBANK (-0.20%), and GTCO (-1.03%) offset the gains in FBNH (+0.86%) and UBA (+0.62%) keeping the market’s overall performance in the red. Having gained in two of five trading sessions this week, the ASI closed 0.16% higher w/w.
Over the course of the week, gains in AIRTELAFRI (+3.87% w/w), FBNH (+0.42% w/w) and ETI (+3.87% w/w) outweighed losses in DANGCEM (-1.85% w/w), ZENITHBANK (-4.31% w/w) and GTCO (-1.63% w/w).
Consequently, the year-to-date (YTD) return rose to 2.62%, while the market capitalization gained N44.77bn w/w to close at N28.65trn.
Analysis of Friday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 7.42%. A total of 443.75m shares valued at N1.68bn were exchanged in 3,100 deals.
ACCESSCORP (+0.00%) led the volume chart with 11.35m units traded while NESTLE (-1.81%) led the value chart in deals worth N487.65mn.
Market breadth closed flat. CORNERST (+7.14%) led eleven others on the gainer’s table while LINKASSURE (-9.62%) topped eleven others on the laggard’s log.
Meanwhile, global equities markets took a breather this week as rate hike worries tempered China reopening cheer.
Accordingly, US (DJIA: -3.7%; S&P 500: -2.5%) stocks were set to close lower as investors assessed the outlook for the Federal Reserve’s subsequent interest-rate hikes and the resilience of the US economy following the release of the latest retail sales data, labour data (jobless claims) and corporate earnings reports.
Likewise, European equities (STOXX Europe: -0.5%; FTSE 100: -1.2%) were on course for a weekly loss underpinned by losses in tech stocks amid global recession fears.
Elsewhere, Asian markets (Nikkei 225: +1.7%; SSE: +2.2%) were the only outliers in the global sea of red as investors digested Japanese inflation data amid optimism about China’s reopening.
The Emerging (MSCI EM: -0.2%) market index dipped, mirroring the weak sentiments across global stocks while the Frontier market index (MSCI FM: +0.4%) closed higher following bullish sentiments in the Vietnamese (+4.5%) market.
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