SAT, MAY. 06 2023-theGBJournal|Closing the week, the NGX Exchange ended the session Friday on a positive note, bringing the All-Share index up by 0.34% to close at 52,466.52 points.
All other indices finished higher with the exception of NGX Main Board, NGX 30, MERI Growth, and NGX Growth which depreciated by 0.61%, 0.32%, 0.62%, and 8.96% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
A total turnover of 2.973 billion shares worth N22.828 billion in 23,765 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 14.029 billion shares valued at N59.007 billion that exchanged hands last week in 24,048 deals.
Trading in the top three equities namely Transnational Corporation Plc, Access Holdings Plc and Fidelity Bank Plc, (measured by volume) accounted for 2.074 billion shares worth N11.297 billion in 5,966 deals, contributing 69.76% and 49.49% to the total equity turnover volume and value respectively.
Investors interest in SEPLAT (+5.35%), ZENITHBANK (+0.21%), and GTCO (+0.21%) offset losses in MTNN (-0.04%) keeping the market in the green. As a result, having gained in two out of four trading sessions this week, the ASI closed 0.12% higher w/w.
During the week, positive performances across MTNN (+0.09% w/w), SEPLAT (+5.35% w/w) and ZENITH (+5.48% w/w) were sufficient to offset the losses in GTCO (-3.22% w/w), STANBIC (-0.13% w/w) and GEREGU (-10.00% w/w). As a result, the year-to-date (YTD) return rose to 2.37%, while the market capitalization gained N34.31bn w/w to close at N28.57trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.49%. A total of 482.59m shares valued at N5.64bn were exchanged in 5,298 deals. ACCESSCORP (+5.14%) led volume and value charts with 168.78m units traded in deals worth N1.85bn.
Market breadth closed positive at a 3.22-to-1 ratio with advancing issues outnumbering declining ones. CUSTODIAN (+9.65%) topped twenty-eight (28) others on the leader’s log while TRANSCORP (-9.77%) topped eight (8) others on the laggard’s table.
Meanwhile, Sentiments turned bearish in the global equities market this week as renewed weaknesses in US regional banks overshadowed optimism that the US Fed is approaching the end of its interest rate hikes.
In line with this, US equities (DJIA: -2.8%; S&P 500: -2.6%) were on track to close lower as concerns around West Coast regional banks, including PacWest and Western Alliance, dampened sentiments. Similarly, European equities (STOXX Europe: -0.9%; FTSE 100: -1.5%) slid on banking concerns and news of rising eurozone interest rates, amid uncertainty over the global economic outlook.
In Asia, Chinese (SSE: +0.3%) and Japanese (Nikkei 225: +1.0%) equities recorded marginally positive performances following reactions to strong corporate earnings in the region. Elsewhere, the Emerging (MSCI EM: -0.1%) and Frontier (MSCI FM: -1.5%) market indices mirrored the selloffs across global stocks consequent upon losses in South Korea (-2bps) and Vietnam (-1.0%), respectively.
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