WEEKLY EQUITY MARKET UPDATE ON SATURDAY OCTOBER 8, 2022

The Nigerian equity market declined by 304bps as the NGX-ASI closed at 47,351.43 points. Accordingly, the Year-To-Date (YTD) return of the market strengthened to 10.9% from 10.8% the previous trading day.

 

Today's market indices under our purview show the Insurance, Oil and Gas, and Industrial Goods index posted in red with a decline of 180bps, 40bps and 30bps respectively which were majorly attributed to investors' selloffs in WAPIC (-8.6%) and OANDO (-2.6%) respectively. On the other hand, the Banking and Consumer Goods index gained by 20bps and 2bps respectively. These gains were accredited to buyers' interests in STERLNBANK (+3.3%) and INTBREW (+5.7%) respectively.

 

The top gainers in today's trading session were led by FTNCOCOA (+7.1%), INTBREW (+5.6%) and SOVRENINS (+4.0%), while MAYBAKER (-9.8%), NASCON (-9.5%) and ACADEMY (-9.4%) emerged as today's top losers.

 

For today's trading activities, the total volume and total value traded declined by 2.4% and 31.9% respectively to 137.2mn units and ₦1.7bn. GTCO, OANDO and TRANSCORP led the volume chart with 33.7mn units, 18.4mn units, and 13.5mn units respectively. On the other hand, GTCO, MTNN and ZENITHBANK led the value chart by ₦573.8mn, ₦334.8mn and ₦144.6mn respectively.

 

A cocoa processing factory known as Fantastic Traders Nigeria Cocoa Processors Plc (FTNCOCOA) were today's top gainer which have generated ₦376.4mn on average between 2017 and 2021, while the year-on-year Revenue increased by 23.6% signalling an upward trend from ₦235.2mn in 2020 to ₦290.8mn in 2021, whereas indices from the COVID era declined by  65.0% in 2020 compared to the ₦672.2mn  in 2019.

 

DAILY CURRENCY UPDATES

On daily currency update, I&E and the parallel market's prices closed at ₦436.63/US$1.00 and ₦740/US$1.00 respectively. The current P2P Forex market price is ₦729.90/US$1.00. Nigeria's external reserves closed at US$38.10bn.

 

WEEKLY RECAP

In this week's trading session, the local bourse closed in red declining by 341bps or 3.4% week-to-date (WTD), as sectors under our purview experienced a largely bearish performance printing in red WTD.

 

WTD performance for indices under our purview indicates the banking index as top loser which contracted by 337bps, closing the week with value traded at ₦232.7mn and volume traded amounting to 26.4mn units. This was followed by the Insurance index which declined by 116bps, with volume and value traded closing at 11.8mn units and ₦5.1mn and the Oil and Gas index which declined by 102bps, with volume and value traded closing at 19.0mn units and ₦103.5mn respectively.

 

Additionally, the Consumer Goods and Industrial Goods indices gained 56bps and 33bps respectively. The volume at the end of the week traded for both indices closed at 2.3mn units and 1.5mn units while the value traded closed at ₦33.6mn and ₦32.1mn respectively.

 

Furthermore, the local bourse closed at 47,351.43 points as against opening at 48,836.70 points. The Month-to-date (MTD) posted red as it declined by 341bps or 3.4%. However, the Year-to-Date (YTD) return of the market gained 10.9% or 1090bps.

 

Findings show the opening and closing values of the following sectors under our purview; Banking index (365.77open – 366.42close), Insurance index (169.66open – 166.64close), Consumer Goods index (581.29open – 581.43close), Oil and Gas index (505.15open – 503.10close), and Industrial Goods index (1,773.17open – 1,767.43close).

 

Furthermore, the percentage change for these indices under our purview are Banking and Consumer Goods (-2.6%, -0.4%; -3.5%, -0.6%; -0.9%, -0.1%; +0.2%, +0.02%), while the others are revealed in the attached document.