SAT, SEPT 16 2023-theGBJournal |The local equity market exhibited a bullish trend over three of the past five consecutive trading days, with the NGX All-Share Index (NGXASI) showing a daily uptick of 9 bps and a weekly gain of 15 bps, closing at 67,395.74 points.
This positive momentum was primarily fueled by heightened investor interest in banking equities such as UBA, as well as select oil-related stocks like OANDO. As a result, year-to-date returns surged by 31.50%.
However, the aggregate market capitalization, which settled at N36.89 trillion, recorded a week-on-week dip of N405 billion.
Correspondingly, the market breadth stood at 0.78x, indicating that there were 46 declining stocks compared to 35 advancing ones.
Upon scrutinizing the comprehensive trading metrics, the total trading volume saw a 21.39% contraction, culminating at 408.87 million shares, while the total traded value underwent a decline of 37.20%, amounting to N5.23 billion.
In the context of week-on-week analysis, the stocks with the highest trading volumes included UBA (529.60 million shares), TRANSCORP (260.39 million shares), and ACCESSCORP (235.95 million shares), while the top performers in terms of trading value were UBA (N8.23 billion), GTCO (N4.29 billion), and DANGSUGAR (N3.89 billion).
Looking ahead, we anticipate a continuation of similar market dynamics in the upcoming trading session.
Sentiments in the Global equities market were broadly positive this week as the market reacted to Arm’s successful IPO and China’s better-than-expected factory output data.
Meanwhile, US equities (DJIA: +1.0%; S&P 500: +1.1%) were on track to end the week positively, driven by the Fed’s comments on possible rate hike pause amid the generally positive reaction to Arm’s IPO on Thursday.
In the same vein, European equities (STOXX Europe: +1.4%; FTSE 100: +2.6%) closed in the green despite the ECB’s decision to hike interest rates.
Meanwhile, performance across the Asian markets (Nikkei 225: +2.8%; SSE: -0.1%) was mixed, as investors cautiously priced the higher US CPI data amid China’s further stimulus measures.
Elsewhere, the Emerging (MSCI EM: +0.8%) market closed higher following gains in Brazil (+3.5%), while the Frontier (MSCI FM: -1.2%) index recorded losses following bearish sentiments in Vietnam (-1.5%).
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