…Trading in the top three equities namely Japual Gold & Ventures Plc, United Bank for Africa Plc and Fidelity Bank Plc (measured by volume) accounted for 835.584 million shares worth N8.631 billion
…Global stocks rallied this week in response to a combination of factors, including robust earnings results
SAT, NOV 04 2023-theGBJournal|The bullish momentum in the local stock market intensified as investors cherry-picked stocks driven by positive sentiments surrounding FX liquidity and corporate earnings.
This surge propelled the market’s pricing gauge to a historic high, with the All-Share Index remaining above the 70,000-points mark breached on Wednesday, closing at 70,196.77 points.
Notably, increased investors’ interest in AIRTELAFRI (+27.9%), DANGCEM (+5.8%) and STANBIC (+10.7%) resulted in a 4.6% surge in the benchmark index and elevated the Year-to-Date gain to 37.0%.
Market activity levels also reflected this positive trend, as the total volume and value traded increased by 65.6% w/w and 64.4% w/w, respectively.
Trading in the top three equities namely Japual Gold & Ventures Plc, United Bank for Africa Plc and Fidelity Bank Plc (measured by volume) accounted for 835.584 million shares worth N8.631 billion in 5,514 deals, contributing 34.09% and 21.27% to the total equity turnover volume and value respectively.
Sectoral performance was broadly positive following gains in the Insurance (+8.0%), Banking (+2.7%), Consumer Goods (+0.5%) and Industrial Goods (+0.7%) indices. Meanwhile, the Oil and Gas index closed flat.
Meanwhile, Global stocks rallied this week in response to a combination of factors, including robust earnings results, a decline in bond yields after the Federal Reserve suggested less need for interest rate hikes, and a weaker-than-expected US jobs report which backed expectations that interest rates have peaked.
In line with this, US stocks (DJIA: +4.4%; S&P 500: +4.9%) rallied as investors anticipated the Federal Reserve’s potential conclusion of its interest rate hiking cycle and assessed a fresh wave of corporate results.
Likewise, European stocks (STOXX Europe: +3.2%; and FTSE 100: +2.1%) were buoyed by robust earnings and perceptions of a more accommodative stance from central banks.
Similarly, Asian markets (Nikkei 225: +3.1%; SSE: +0.4%) posted positive performance following the Federal Reserve’s indication of a “dovish pivot” in policy after maintaining its key rate.
Elsewhere, the Emerging market (MSCI EM: +1.2%) and Frontier market (MSCI FM: +0.9%) indices ended on a positive note, driven by gains in China (+0.4%) and Vietnam (+1.8%), respectively.
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