…The Friday’s negative performance was primarily due to declines in ACCESSCORP (-3.03%), CUSTODIAN (-4.52%), and FBNH (-3.76%)
…On a weekly basis, both volume and value of trades witnessed a downtrend, decreasing by 19.04% and 39.08% to 412.66 million units and N6.02 billion
…Global stocks markets were mostly higher this week driven by signs of slowing inflation, a cooling labor market, and dovish comments from the Federal Reserve
SAT JULY 06 2024-theGBJournal| The Nigerian stock market ended the trading day on Friday on a somber note, with the benchmark All-Share Index (ASI) falling by 4bps both day-on-day and week-on-week to 100,022.03 points, resulting in a year-to-date return of 33.77%.
All other indices finished higher with the exception of NGX 30, NGX Premium, NGX MERI Value, NGX Consumer Goods, NGX Lotus II, and NGX Pension Broad which depreciated by 0.27%, 0.52%, 0.01% 0.69%, 0.56% and 0.07% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
The Friday’s negative performance was primarily due to declines in ACCESSCORP (-3.03%), CUSTODIAN (-4.52%), and FBNH (-3.76%), which overshadowed gains in OANDO (+9.68%) and GTCO (+0.32%).
Consequently, market capitalization remained unchanged at NGN56.59 trillion. Unsurprisingly, the market breadth was negative at 0.80x, as 45 decliners outweighed 35 advancers.
On a weekly basis, both volume and value of trades witnessed a downtrend, decreasing by 19.04% and 39.08% to 412.66 million units and N6.02 billion, respectively.
FIDELITYBK led the weekly volume and value boards, trading 693.35 million units valued at N7.24 billion.
Following FIDELITYBK in volume were UNIVINSURE with 114.35 million units and GTCO with 102.12 million units. In terms of trade value, GTCO ranked second with N4.77 billion in transactions, followed by ZENITHBANK at N2.30 billion.
Meanwhile, Global stocks markets were mostly higher this week driven by signs of slowing inflation, a cooling labor market, and dovish comments from the Federal Reserve that reinforced expectations of upcoming rate cuts.
As of the time of writing, US equities (DJIA: +0.5%; S&P 500: +1.4%) were set to close higher as investors reacted favourably to dovish Fed comments on inflation and ISM Manufacturing PMI numbers which indicated softer price trends and weakening labour market.
Similarly, European equities (STOXX Europe: +1.5%; FTSE 100: +1.3%) were set for a weekly gain, boosted by optimism over potential US rate cuts and positive reactions to the UK Labour Party’s election victory.
In Asia, Japanese equities (Nikkei 225: +3.4%) surged as the yen’s weakness against the US dollar fueled strong buying interest in real estate and tech stocks, while Chinese equities (SSE: -0.6%) declined due to trade war fears following the European Union’s new tariffs on Chinese electric vehicles.
Elsewhere, gains in India (+1.0%) and Taiwan (+2.3%) lifted the Emerging Markets index (MSCI EM: +1.7%), while the Frontier Markets index (MSCI FM: +1.5%) was supported by positive sentiments in Vietnam (+2.8%).
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