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WEEKLY MARKET REPORT – 25TH AUGUST, 2022

29
Aug

ECONOMY OVERVIEW

Despite the perceived gloom in economic activities and general downturn, the Nigerian economy continued on a positive trajectory, growing for the seventh consecutive quarter since the covid-19 induced recession recorded in the third quarter of 2022. The growth recorded in the past two years is following significant expansionary monetary policies by the CBN, keeping the MPR at 11.5%.

However, due to the rising cost of goods and services, with inflation rate already at a 17-year high of 19.64% in July 2022, the apex bank raised the interest rate to 14% in a bid to curb rising prices. Nigeria’s gross domestic product (GDP) grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter. The aggregate real GDP stood at N17.29 trillion in the second quarter of 2022, a marginal decline (-0.37%) when compared to N17.35 trillion recorded in Q1 2022.

The growth recorded in the review quarter also indicates the seventh consecutive quarter of GDP growth in the country, since the recession recorded in Q3 2020. A cursory look at the data showed that the Agricultural sector accounted for 23.24% of the aggregate GDP, an increase compared to 22.36% recorded in the previous quarter. Also, the industrial sector contributed 19.4%, while services accounted for 57.35% of the GDP.

EQUITY MARKET

A total turnover of 914.443 million shares worth N15.263 billion in 18,021 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 823.005 million shares valued at N12.228 billion that exchanged hands last week in 17,482 deals.

The Financial Services Industry (measured by volume) led the activity chart with 723.125 million shares valued at N5.209 billion traded in 9,122 deals; thus contributing 79.08% and 34.13% to the total equity turnover volume and value respectively. The Consumer Goods followed with 51.097 million shares worth N4.668 billion in 2,610 deals. The third place was the Conglomerates Industry, with a turnover of 36.089 million shares worth N72.383 million in 527 deals.

Trading in the top three equities namely Mutual Benefits Assurance Plc, FBN Holdings Plc and Access Holdings Plc (measured by volume) accounted for 325.818 million shares worth N1.758 billion in 1,897 deals, contributing 35.63% and 11.52% to the total equity turnover volume and value respectively.

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