SAT, 29 OCT, 2022-theGBJournal| Ending the week, the NGX Exchange extended its two-day bear run as the benchmark index closed 1.64% weaker – offsetting early week gains – to settle at 43,895.25 points, its lowest level since 11 January.
Selloffs in market heavyweights, DANGCEM (-10.00%) and MTNN (-0.05%) outweighed gains in FBNH (+7.69%) and GEREGU (+0.88%) to keep the market in the red. The loss keeps the index shy of a bear market, down 18.84% from its May 27 high.
Despite gaining in three of five trading sessions this week, the ASI closed 1.13% lower w/w, extending past week’s losses.
Losses in AIRTELAFRI (-2.83% w/w), DANGCEM (-10.00% w/w) and GTCO (-3.24% w/w) drove the broader index’s loss. Consequently, the year-to-date (YTD) return slumped to 2.76%, while the market capitalization shed N271.99bn w/w to close at N23.91trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 183.07%. A total of 122.79m shares valued at N.40bn were exchanged in 3,402 deals. FIDELITYBK (+7.89%) led the volume chart with 14.95m units traded, while MTNN (-0.05%) led the value chart in deals worth N1.78bn.
Market breadth closed negative at a 1.21-to-1 ratio with declining issues outnumbering advancing ones. DANGCEM (-10.00%) topped sixteen others on the laggard’s table, while WAPIC (+9.09%) led thirteen others on the laggard’s log.
Markets Activities
| Indicators | Current | Change (%) | YTD |
| All-Share Index | 43,895.25 | -1.64 | +2.76 |
| Market Cap. (N ‘trillion) | 23.91 | -1.64 | +7.23 |
| Volume (millions) | 122.79 | -18.67 | |
| Value (N ‘billion) | 4.40 | +183.07 |
Dividend Information
| Company | Dividend (Bonus) | Closure Date | Payment Date |
| SEPLAT | $0.025 (interim) | 11-Nov-22 | 6-Dec-22 |
| ACCESSCORP | N0.20 (interim) | 28-Sep-22 | 12-Oct-22 |
| GTCO | N0.30 (interim) | 21-Sep-22 | 30-Sep-22 |
| UBA | N0.20 (interim) | 22-Sep-22 | 29-Sep-22 |
| STANBIC | N1.50 (interim) | 7-Sep-22 | 21-Sep-22 |
| ZENITHBANK | N0.30 (interim) | 7-Sep-22 | 13-Sep-22 |
| SEPLAT | $0.025 (interim) | 15-Aug-22 | 9-Sep-22 |
| CUSTODIAN | N0.10 (interim) | 26-Aug-22 | 1-Sep-22 |
Meanwhile, global stock markets posted broadly bullish performances as investors assessed solid economic data and a mixed bag of corporate earnings, amid speculations that the Federal Reserve will slow its interest rate hikes.
Consequently, US stocks (DJIA: +3.1%; S&P 500: +1.5%) added to last week’s gains as investors seemed to brush off disappointing results from tech giants amid growing expectations of moderating Fed rate hikes.
European stocks (STOXX Europe: +2.4%; and FTSE 100: +0.5%) were on course to end the week higher as investors digested a flurry of corporate earnings and the European Central Bank’s latest monetary policy decision.
Asian markets posted mixed performances — Japanese equities (Nikkei 225: +0.8%) closed higher, mirroring the positive sentiments on Wall Street. Conversely, the SSE (-4.0%) fell to its lowest level since April 2009 as investors weighed mixed earnings reports from market heavyweights amid a flare-up in Sino-US tensions.
Elsewhere, the Emerging market (MSCI EM: -0.3%) dipped consequent upon bearish sentiments in China (-4.0%), while the Frontier market (MSCI FM: +1.6%) closed positively following gains in the Vietnamese (+0.7%) market.
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