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Nigerian equities lead global stocks with N646b gain
Nigerian equities emerged at the weekend atop the global returns table for the world’s stock markets as a strong rally in the communication and technology stocks drove the Nigerian market to a net capital gain of N646 billion in five trading sessions.
Nigerian benchmark equities indices closed above returns by several tracked global advanced and emerging stock indices. The global stock market outlook was a mixed grill with decline in United States of America (U.S.A) and upswings in United Kingdom, Europe and Asia.
The All Share Index (ASI)- the value-based index that tracks all share prices on the Nigerian Exchange (NGX) Limited; posted average return of 2.95 per cent; equivalent to net capital gain of N646 billion, more than a double of the closest returns by other global stock markets.
With inflation fuelling uncertainty in the U.S.A, the Dow Jones Industrial Average (DJIA) declined by 1.1 per cent while its twin index S & P dropped by 1.0 per cent. Meanwhile, in London, the benchmark FTSE 100 Index appreciated by 0.8 per cent. The STOXX Europe, which tracks the general European markets posted average return of 0.5 per cent. In Asia, Japan’s Nikkei 225 Index closed flat while China’s SSE Index appreciated by 1.4 per rent. The MSCI EM, which tracks emerging markets, posted average gain of 1.4 per cent while its counterpart MSCI FM, which tracks frontier markets, depreciated by 0.1 per cent.
The ASI rose from the week’s opening index of 42, 014.50 points to close weekend at 43,253.01 points, representing average return of 2.95 per cent. The week’s rally nudged the average year-to-date return for Nigerian equities to 7.41 per cent.
Aggregate market value of all quoted equities on the NGX rose from the week’s opening value of N21.926 trillion to close weekend at N22.572 trillion, an increase of N646 billion or 2.95 per cent. The rally at the Nigerian market was driven by investors’ appetite for large stocks; especially telcos.
The rally also saw increase in turnover of at the Nigerian market. Total turnover last week stood at 1.471 billion shares worth N20.941 billion in 20,410 deals as against a total of 1.428 billion shares valued at N12.373 billion traded in 23,987 deals two weeks ago.
