Japan leads losses in Asia
markets down 2.1% as a result of the sentiment at Japan's large manufacturers
which worsened around the period of June, according to the Bank of Japan's
business sentiment survey. Despite the close on Friday for the week due to holiday
in Hong Kong, it recorded a gain of 0.6% to close at 21,859.79 alongside their
China's Shanghai Composite index counterpart, which gained 1.1% to 3,387.64.
The overall market performance
for NGX All-Share Index (ASI), which monitors the movement of the local bourse
of all listed companies on the Exchange, rose by 0.2% to close at 51,829.67
basic points w/w. This positive gain was also witnessed in Ghana's GSE
Composite index of 1.5% gain w/w unlike its South African counterpart, down
1.2% w/w to 65,572.70 points.
WEEKLY CURRENCY UPDATE
As a result of a stronger dollar
fuelled by interest rate hikes and investors' search for haven amid
recessionary fears, major currencies under our coverage lost against the US$
apart from Euro (-1.6%), Japan's Yen (-1.0%), and Nigeria's Naira (-1.1%).
DOMESTIC EQUITY & FIXED INCOME MARKETS
The Nigerian equity market gained
0.2% w/w to settle at 51,829.67 points. Accordingly, YTD return of the market
improved 30bps to 21.3%. Across market indices, performance was relatively
bearish as three indices declined save the Banking and Insurance Indices which
rose 1.1% and 3.6% w/w. the Consumer Goods index was the main loser, down 0.4%
w/w. In the fixed income market, performance was largely bearish as average
yield rose 4bps to 11.5%. Majority of the sell pressure was witnessed at the
mid end of the curve - July 2045 instrument rose 54bps to 12.4%.
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