…The ASI gained 197bps week-on-week and 157bps day-on-day to settle at 104,421.23 points.
…Major market drivers in Friday’s session were FBNH (+9.85%), GTCO (+2.09%) and NESTLE (+0.92%), shaking off the losses in UCAP (-0.86%) and NAHCO (-1.58%).
SAT, FEB 03 2024-theGBJournal|The NGX Exchange ended the week on a positive note, recovering its losses in the previous sessions after the Central Bank of Nigeria (CBN) released a letter to all banks calling for the harmonization of reporting requirements on foreign currency exposure of banks.
Furthermore, the ASI gained 197bps week-on-week and 157bps day-on-day to settle at 104,421.23 points.
Major market drivers in Friday’s session were FBNH (+9.85%), GTCO (+2.09%) and NESTLE (+0.92%), shaking off the losses in UCAP (-0.86%) and NAHCO (-1.58%).
Additionally, 39.65% the year-to-date return improved by 39.65% while market capitalization settled at N57.15 trillion (vs. N56.27 trillion the previous day). Despite this, market breadth printed at 0.42x with 64 decliners outpacing 27 gainers.
Further buttressing the bullish performance of the market, volume and value traded up 81.66% and 165.23% to close at 943.51 million units and N23.48 billion.
FBNH held the top spot as the most traded stock by volume for the week with 383.87 million units, succeeded by TRANSCORP (320.54 million units) and UBA (256.88 million units). For the top valued equities of the week, we have FBNH dominating as well with DANGCEM and ZENITHBANK in tow.
At the global markets, US equities (DJIA: +1.1%; S&P 500: +0.3%) rebounded from earlier losses driven by upbeat tech earnings from Meta and Amazon, alongside the Fed’s decision to maintain rates.
European equities (STOXX Europe: 0.0%; FTSE 100: -0.2%) were mixed as the Bank of England kept interest rates unchanged and euro zone inflation figures gave a mixed picture.
Elsewhere, Asian markets (Nikkei 225: +1.1%; SSE: -6.2%) remained mixed, with the Japanese market rebounding, buoyed by gains in semiconductor-related shares following the strong performance from tech giants on Wall Street.
However, the Chinese market recorded huge losses due to concerns about corporate earnings and China’s economic recovery prospects, worsened by disappointing PMI data released earlier in the week.
The Emerging market (MSCI EM: -0.3%) index declined following selloffs in China (-6.2%). Similarly, the Frontier (MSCI FM: -0.2%) index dropped due to losses in Vietnam (-0.2%) and Morocco (-1.2%).
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