…A total turnover of 2.425 billion shares worth N22.665 billion in 33,230 deals was traded during the week
…Interests in ZENITHBANK (+3.58%), GTCO (+0.13%), and UBA (+0.48%) kept the market in the green.
…The European equities (STOXX Europe: -0.3%; FTSE 100: +0.6%) traded with mixed sentiments
SAT, NOV 25 2023-theGBJournal|The Nigerian Equities Market ended Friday’s session on a positive note, bringing the All-Share index up by 0.25% to close at 71,230.48 points.
All other indices finished higher with the exception of NGX Pension, NGX MERI Growth, NGX Consumer Goods and NGX Lotus II which depreciated by 0.38%, 1.15%, 0.53% and 0.02% respectively while the NGX ASeM, NGX Oil & Gas and NGX Sovereign Bond indices closed flat.
Interests in ZENITHBANK (+3.58%), GTCO (+0.13%), and UBA (+0.48%) kept the market in the green. Having gained in three out of five trading sessions this week, the ASI closed 0.17% higher w/w.
Over the course of the week, strong performance in ZENITHBANK (+3.89% w/w), GTCO (+5.81% w/w) and GEREGU (+0.88% w/w) drove the market’s performance outweighing losses in MTNN (-0.63% w/w), STANBIC (-7.08% w/w), and DANGSUGAR (-1.64% w/w).
As a result, the year-to-date (YTD) return rose to 38.98%, while the market capitalization gained N64.61bn w/w to close at N39.17trn.
Analysis of Friday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 24.07%.
A total turnover of 2.425 billion shares worth N22.665 billion in 33,230 deals was traded during the week by investors, in contrast to a total of 2.025 billion shares valued at N27.693 billion that exchanged hands last week in 32,763 deals.
Trading in the top three equities namely Universal Insurance Plc, Veritas Kapital Assurance
Plc, and Unity Bank Plc (measured by volume) accounted for 809.400 million shares worth
N492.625 million in 2,005 deals, contributing 33.38% and 2.17% to the total equity turnover
volume and value respectively.
VERITASKAP (-7.50%) led the volume chart with 107.05m units traded while ZENITHBANK (3.58%) led the value chart in deals worth N773.81m.
Market breadth closed positive at a 1.60-to-1 ratio, with advancing issues outnumbering declining ones. NSLTECH (+10.00%) topped thirty-one others on the leader’s log, while ABCTRANS (-9.68%) led nineteen others on the laggard’s table.
Meanwhile, major stock market indices across the globe experienced a sluggish week, partly due to the Thanksgiving holiday observed in the US and Japan.
However, hopes that the global economy will achieve a ‘soft landing’ despite elevated interest rates continued to support overall market sentiment.
Despite the shortened trading week, US equities (DJIA: +0.9%; S&P 500: +0.9%) were positively influenced by expectations that the Federal Reserve might conclude its interest rate hiking cycle and positive reactions to Nvidia’s earnings report.
The European equities (STOXX Europe: -0.3%; FTSE 100: +0.6%) traded with mixed sentiments, as weak GDP data from Germany which showed a contraction offset improved Eurozone factory data.
Similarly, Asian markets (Nikkei 225: +0.1%; SSE: -0.5%) posted mixed performances, tracking Wall Street’s gains amid profit-taking activities on major Chinese property developers’ shares.
In Emerging (MSCI EM: +1.2%) and Frontier (MSCI FM: +0.2%) markets, positive sentiments in India (+0.4%) and Morocco (+0.2%) contributed to gains, respectively.
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