…UBA (+2.69%) led the volume chart with 52.42m units traded while BUACEMENT (+0.00%) led the value chart in deals worth N4.06bn.
…Year-to-date (YTD) return fell to 29.66%, while the market capitalization gained N178.58bn w/w to close at N36.51trn.
SAT, OCT 07 2023-theGBJournal|Nigerian equities ended on a negative note Friday as the All-Share Index closed 0.17% weaker to settle at 66,454.57 points.
However, having gained in two of four trading sessions this week, the ASI closed 0.1% higher w/w.
Gains in Telco Heavyweight, AIRTELAFRI (+8.53%), alongside ZENITHBANK (+0.31%) and GTCO (+0.14%) drove the market’s strong performance outweighing losses in Industrial Heavyweight, DANGCEM (-8.79%), alongside WAPCO (-0.34%), and NB (-1.28%).
Over the course of the week, AIRTELAFRI (+8.53% w/w), BUACEMENT (9.94% w/w) and ZENITHBANK (+1.75% w/w) were the major drivers of the broader index positive performance offsetting losses in MTNN (-5.30% w/w), DANGCEM (-8.79%), and FBNH (-0.92% w/w).
Consequently, the year-to-date (YTD) return fell to 29.66%, while the market capitalization gained N178.58bn w/w to close at N36.51trn.
Analysis of Friday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 88.75%. A total of 374.09m shares valued at N8.93bn were exchanged in 6,822 deals.
UBA (+2.69%) led the volume chart with 52.42m units traded while BUACEMENT (+0.00%) led the value chart in deals worth N4.06bn.
Market breadth closed negative at a 1.13-to-1 ratio with declining issues outnumbering declining ones. OANDO (+9.55%) led seventeen others on the laggard’s log while AIRTELAFRI (+8.53%) topped fifteen others on the leader’s table.
Meanwhile, global stocks plummeted for a third consecutive week as Treasury yields surged, prompted by jobs data that raised expectations of additional interest rate hikes by the Federal Reserve later this year.
As of the time of writing, US equities (DJIA: -1.2%; S&P 500: -0.7%) were on track for a weekly loss as the tight labour market indicated the likelihood of further Federal Reserve rate hikes.
Similarly, bearish sentiments dominated European equities (STOXX Europe: -1.5%; FTSE 100: -1.7%) as investors digested robust US labour market data and rising bond yields.
Asian market (Nikkei 225: -2.7%) mirrored the broadly negative cues on Wall Street, with Chinese equities (SSE: 0.0%) unchanged due to China’s Golden Week holiday.
Finally, Emerging (MSCI EM: -2.4%) and Frontier (MSCI FM: -1.6%) market indices closed in the red, driven by bearish sentiments in South Korea (-2.3%) and Vietnam (-2.2%), respectively.
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