Sunday 16 October 2022

WEEKLY MARKET UPDATE ON SATURDAY, OCTOBER 15, 2022

For close of the week, the local bourse closed in green gaining 46bps or 0.4% week-to-date (WTD). Sectors under our purview experienced mixed performance as three indices closed in green and two closed in red WTD.
 
WTD performance for indices under our purview indicates the Industrial index as top gainer, which gained 317bps, closing the week with value traded at ₦8.4mn and volume traded amounting to 386,001 units. This was followed by the Banking index which gained 193bps, with volume and value traded closing at 16.7mn units and ₦169.4mn and the Insurance index which gained 172bps, with volume and value traded closing at 8.2mn units and ₦4.6mn respectively.
 
However, the Oil and Gas and Consumer Goods indices declined by 213bps and 74bps respectively. The volume at the end of the week traded for both indices closed at 2.9mn units and 7.5mn units while the value traded closed at ₦766.4mn and ₦216.3mn respectively.
 
Furthermore, the local bourse closed at 47,569.04 points as against opening at 47,524.38 points. The Month-to-date (MTD) posted red as it declined by 297bps or 2.9%. However, the Year-to-Date (YTD) return of the market gained 11.4% or 1149bps.
 
CLOSE OF THE WEEK, FRIDAY - 14TH OF OCTOBER, 2022
On Friday, the Nigerian equity market gained 9bps as the NGX-ASI closed at 47,569.04 points. Consequently, the Year-To-Date (YTD) return of the market strengthened to 11.4% from 11.2% the previous trading day.
 
Market indices under our purview showed a mixed performance as two indices posted green, one index posted red and the Industrial and Oil and Gas indices closed on a marginal note.
 
The Insurance and Banking indices gained 180bps and 70bps respectively, which were majorly accredited to buyers' interests in WAPIC (+9.4%) and GTCO (+5.6%). However, the Consumer Goods index declined by 50bps, which was attributed to investors' selloff in NB (-4.0%).
 
The top gainers in Friday's trading session were led by HONYFLOUR (+9.9%), WAPIC (+9.4%) and SOVRENINS (+7.7%), while ACADEMY (-9.7%), CHAMS (-7.1%) and REDSTAREX (-6.1%) emerged as today's top losers.
 
For Friday's trading activities, the total volume traded and total value traded gained 43.8% and 104.4% respectively to 124.4mn units and ₦4.3bn. GTCO, FBNH and MULTIVERSE led the volume chart with 34.9mn units, 13.2mn units, and 7.3mn units respectively. On the other hand, MTNN, AIRTELAFRI and SEPLAT led the value chart by ₦1.2bn, ₦960.9mn and ₦753.3mn respectively.
 
IN-DEPTH ANALYSIS
Findings show the opening and closing values of the following sectors under our purview; Banking index (371.07open – 373.48close), Insurance index (166.52open – 169.51close), Consumer Goods index (580.16open – 577.12close), Oil and Gas index (492.37open – 492.37close), and Industrial Goods index (1,823.48open – 1,823.48close).
 
Furthermore, the percentage change for these indices under our purview are Oil and Gas and Consumer Goods (-2.4%, -0.1%; -0.4%, -0.1%; -0.1%, -0.1%; 0.0%, -0.5%), while the others are revealed in the attached document.
 
QUICK INSIGHTS
Honeywell Flour Mills reported a gross profit of ₦11.5 billion for the fiscal year ended March 31, 2022, after a deduction of ₦124.9 billion (cost of sales) from revenue. With rising sales costs, the company's gross profit decreased by 25.9% year-on-year to ₦11.6 billion in 2022 from ₦15.6 billion in 2021.
 
Audited financial results from the Nigerian Exchange Limited (NGX) also revealed that Honeywell Flour Mills' raw and packaging materials consumed ₦111.4 billion in 2022, up from ₦82.7 billion in 2021, and contributed 89.3% of overall cost of sales in the year under review.
 
DAILY CURRENCY UPDATES
On daily currency update, I&E and the parallel market's prices closed at ₦441.83/US$1.00 and ₦742/US$1.00 respectively. The current P2P Forex market price is ₦741.44/US$1.00. Nigeria's external reserves closed at US$37.94bn.

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