…Top three equities accounted for 1.065 billion shares worth N6.525 billion in 6,801 deals
…Market was buoyed Friday by gains in industrial heavyweight, DANGCEM (+2.72%), alongside ZENITHBANK (+4.56%) and GTCO (+3.54%)
SAT, SEPT 02 2023-theGBJournal |Ending an almost perfect week, Nigerian equities closed Friday’s trading session 1.47% stronger, bringing the All-Share Index to settle at 67,527.19 points at 67,527.19 points, the highest point since 05 March 2008.
The market was buoyed Friday by gains in industrial heavyweight, DANGCEM (+2.72%), alongside ZENITHBANK (+4.56%) and GTCO (+3.54%).
Having gained in four of five trading sessions this week, the ASI closed 3 % higher w/w.
Activity levels mirrored the market’s broad gauge as total turnover of 2.866 billion shares worth N37.050 billion in 33,968 deals was traded this week by investors.
Likewise, sectoral performance was largely bullish following gains in the Consumer Goods (+7.6%), Oil and Gas (+5.4%), Banking (+5.1%), Industrial Goods (+2.0%) and Insurance (+0.8%) indices.
Trading in the top three equities namely Transnational Corporation Plc, Sterling Financial Holdings Company Plc and Fidelity Bank Plc (measured by volume) accounted for 1.065 billion shares worth N6.525 billion in 6,801 deals, contributing 37.17% and 17.61% to the total equity turnover volume and value respectively.
Meanwhile, global stocks are poised to end the week with slight gains, as investors turned their attention to the US jobs report for clues about the Federal Reserve’s policy direction and Beijing’s attempts to revive the troubled real estate sector.
As of the time of writing, US equities (DJIA: -0.4%; S&P 500: +0.8%) were mixed as investors digested softer jobless claims data and lower-than-expected ADP private payroll figures.
On the contrary, European equities (STOXX Europe: +0.7%; FTSE 100: +1.0%) extended recent gains as investors reacted positively to indications of increased stimulus measures from Beijing and improved Euro zone Manufacturing PMI data.
Meanwhile, Asian markets (Nikkei 225: +0.6%; SSE: -2.2%) were mixed as investors assessed the latest batch of economic reports from China while exercising caution ahead of US employment data that could influence potential rate hikes.
Finally, the Emerging (MSCI EM: +0.7%) market index closed higher, supported by the gain in Taiwan (+0.6%), while the Frontier (MSCI FM: -0.5%) market index declined following bearish sentiments in Morocco (-0.6%).
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