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STOCK MARKET

Bargain hunting: NSE market indices rebound by 0.38%

The key market indicators of the nation’s bourse recorded first week gain on Thursday, rebounding by 0.38 per cent on renewed bargain hunting.

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Specifically, the All-Share Index improved by 96.06 per cent or 0.38 per cent to close at 25,520.97 against 25,424.91 posted on Wednesday.

Similarly, the market capitalisation rose by N50 billion or 0.38 per cent to close at N13.313 trillion from N13.263 trillion achieved on Wednesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Zenith Bank, MTN Nigeria Communications, Guaranty Trust Bank, C&I Leasing and Access Bank.

Capital market analysts noted that the local bourse recorded the first gain this week due to bargain in Zenith Bank, Guaranty Trust Bank and MTNN.

However, analysts at Afrinvest Limited expected the equities market to close the week on a bearish note.

A breakdown of the price movement chart indicates that 22 stocks gained in contrast with 12 laggards.

Eterna led the gainers’ chart in percentage terms, appreciating by 9.69 per cent to close at N2.49 per share.

C&I Leasing followed with 8.45 per cent to close at N3.85, while Wema Bank garnered 7.84 per cent to close at 55k per share.

Japaul Oil increased by five per cent to close at 21k, while Chams appreciated by 4.76 per cent to close at 22k per share.

Conversely, Associated Bus Company led the losers’ chart in percentage terms, dropping 7.69 per cent to close at 36k per share.

Cornerstone Insurance came second with 7.58 per cent to close at 61k while Consolidated Hallmark Insurance shed 5.88 per cent to close at 32k per share.

Unity Bank dipped 5.56 per cent to close at 51k, while FCMB Group lost 4.87 per cent to close at N2.15 per share.

In spite of the growth in market indices, volume of shares transacted declined by 12.29 per cent with an exchange of 236.48 million shares worth N1.65 billion in 3,251 deals.

This was against a turnover of 269.63 million shares valued at N2.87 billion traded in 4,155 deals on Wednesday.

Transactions in the shares of Zenith Bank topped the activity chart with 33.16 million shares worth N546.75 million.

Fidelity Bank followed with 29.97 million shares valued at N52.65 million, while Mutual Benefits Assurance sold 25.04 million shares worth N5.01 million.

Wema Bank traded 20.22 million shares valued at N11.03 million, while FBN Holdings transacted 20.06 million shares worth N100.29 million.

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STOCK MARKET

Nigerian stocks slightly bullish as ETERNA and UPL soar

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The stock exchange market made a bullish trend at the end of today’s trading session posting gains that increased the index by +5.47 points. The All-Share Index increased by +0.01% closing at 37,952.65 from 37,947.18 index points.

• The stock exchange market value currently stands at N19.78 trillion. Its Year-to-Date (YTD) returns currently stand at -5.76%.
• The market breadth closed positive as ETERNA led 22 Gainers, and 10 Losers topped by FTNCOCOA at the end of today’s session.
• The stock market has declined -2,318.07 basepoints since the start of the year.

NGX ASI top gainers

1. ETERNA up +10.00% to close at N7.13
2. UPL up +9.93% to close at N1.55
3. CUTIX up +9.92to close at N3.99
4. REGALINS up +8.89% to close at N0.49
5. LEARNAFRCA up +8.76% to close at N1.49

NGX ASI top losers

1. FTNCOCOA down -7.32% to close at N0.38
2. SOVRENINS down -6.06% to close at N0.31
3. ETI down -3.77% to close at N5.10
4. STERLNBANK down -3.21% to close at N1.51
5. UBN down -2.68% to close at N5.45

Outlook
• Market sentiments trend towards the bulls as 22 gainers outweighed 10 losers.

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STOCK MARKET

US stock market dips amid rise in Moderna, BioNTech

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As inflation fears overshadowed solid retail sales statistics and better-than-expected earnings reports, US markets dipped on Friday, sending the Dow Jones Industrial Average into the red for the week.

After Treasury Secretary, Janet Yellen issued an inflation warning, the Dow Jones Industrial Average fell. Meanwhile, Virgin Galactic (SPCE) fell once again, putting it on course for a huge weekly loss. AMC Entertainment (AMC), a meme stock, is also down this week.

Moderna (MRNA) soared on news of its inclusion in the S&P 500, while BioNTech (BNTX) remained on the rise.

Inflation fears kept the market back all week, but the S&P 500 and the Dow did briefly reach fresh all-time highs. The consumer price index rose 5.4 % in June from a year ago, the quickest rate in nearly 13 years, according to data released on Tuesday.

Quick market analysis  

Among the main indices, the Nasdaq fared the best, although it still declined approximately 0.6 %. Cintas (CTAS) was the best performer, gaining more than 4%, while Trip.com (TCOM) was the worst performer, losing just over 4%.

The S&P 500 lost 0.6%, closely matching the Nasdaq. Teleflex (TFX) was a standout performer, rising more than 3%. However, the stock dropped over 10% on Thursday. Norwegian Cruise Line (NCLH) was the worst performer in the S&P 500, falling nearly 5%.

Sectors in the S&P 500 were mixed, with utilities and real estate leading the way. The worst were energy and materials. The Russell 2000 index was down roughly 0.6%, indicating that small caps were sliding again.

The Dow Jones Industrial Average fell by about 8%, Amgen (AMGN) and Procter & Gamble (PG) were the best-performing stocks, with Amgen up 0.7% and Procter & Gamble up 1.1%.

The stock of Virgin Galactic continued to fall, this time by roughly 5%. It has been falling all week as a result of reports of a large share offering, and is on track to suffer a weekly loss of about 40%. SPCE stock began to fall sharply after the company said in a regulatory filing that it wants to sell up to $500 million in stock.
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STOCK MARKET

Nigeria’s stock market soars amid plunge in CWG and IKEJAHOTEL

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Nigeria’s stock exchange market ended today’s trading session bullish, posting a profit at the end of the trading session. The All-Share Index increased by +0.18% to close at 38,482.52.

• The Nigerian Stock Exchange market value currently stands at N20.3Trillion. Its Year-to-Date (YTD) returns currently stands at -4.44%.
• The market breadth closed positive today as UPL led 15 Gainers, and 20 Losers were topped by CWG at the end of the session showing a consolidation as movement is not certain.

Top gainers

1. UPL up +9.38% to close at N1.40
2. REGALINS up +8.16% to close at N0.53
3. VERITASKAP up +5.00% to close at N0.21
4. CHIPLC up +4.17% to close at N0.75
5. ROYALEX up +3.90% to close at N0.80

Top losers

1. CWG down -9.66% to close at N1.87
2. IKEJAHOTEL down -9.09% to close at N1.00
3. NASCON down -8.78% to close at N13.50
4. JOHNHOLT down -8.62% to close at N0.53
5. LINKASSURE down -8.33% to close at N0.55

Outlook

• Market sentiments trend towards the bulls as 15 gainers outweighed 20 losers.

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