SAT OCT 26 2024-theGBJournal|The All-Share Index advanced by 1.4% w/w to 99,448.91 points, following strong investors’ interest in SEPLAT (+9.3%) after the Federal Government approved Seplat Energy Plc’s acquisition of Mobil’s assets, and bargain-hunting in UBA (+18.5%), OANDO (+16.4%), and FBNH (+10.6%).
All other indices finished higher with the exception of NGX Consumer Goods and NGX Lotus II which depreciated by 0.84%, 1.19%, respectively while the NGX ASeM index
closed flat.
The market opened the week on a positive note, sustaining the same momentum throughout the week, as investors responded favourably to third-quarter (Q3) earnings releases, especially in the banking sector.
The Month-to-Date and Year-to-Date returns improved to +0.9% and +33.0%, respectively with market capitalization rising to N60.26 trillion.
Trading activity followed the broader market trend, with total volume and value increasing by 48.8% w/w and 16.8% w/w, respectively.
Trading in the top three equities namely United Bank for Africa Plc, Champion Breweries Plc and Japaul Gold and Ventures Plc (measured by volume) accounted for 828.822 million shares worth N12.319 billion in 5,080 deals, contributing 38.70% and 14.33% to the total equity turnover volume and value respectively.
Sectoral performance was largely positive, with gains recorded in the Banking (+7.9%), Oil & Gas (+4.0%), Insurance (+4.0%), and Industrial Goods (+0.1%) indices. The Consumer Goods (-0.1%) index was the sole loser for the week.
Fifty-eight equities appreciated in price during the week higher than thirty-three equities in the previous week.
Eighteen equities depreciated in price lower than forty-three in the previous week, while seventy-six equities remained unchanged, same as seventy-six recorded in the previous week.
Meanwhile, Global stocks faced pressure this week as a shift in the outlook for US interest rates, disappointing corporate earnings, and increased uncertainty surrounding the upcoming elections in the United States and Japan among others weighed on risk sentiment.
The US equities (DJIA: -2.1%; S&P 500: -0.9%) were on track to close lower as risk appetite waned due to (1) rising Treasury yields earlier in the week, concerns that the Federal Reserve may take a more cautious approach to rate cuts, and election-related uncertainties.
Likewise, European equities (STOXX Europe: -1.4%; FTSE 100: -1.1%) were headed for a weekly loss, following weaker earnings from auto-related stocks like Mercedes-Benz and Valeo, and regional growth concerns.
In Asia, Japanese equities (Nikkei 225: -2.7%) settled lower for another week as investors assessed the upcoming national elections and earnings reports.
Chinese equities (SSE: +1.2%) were a bright spot as recent government measures and a recovery in property sales fueled optimism for growth.
The Emerging Market (MSCI EM: -1.8%) and Frontier Market (MSCI FM: -0.3%) indices dipped following bearish sentiments in India (-2.3%) and Vietnam (-2.6%), respectively.
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