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WEEKLY MARKET REPORT – 23RD SEPTEMBER, 2022

26
Sep

ECONOMY OVERVIEW

Nigeria exported agricultural goods worth N343.4 billion in the first half of the year, an increase of 17.3% from N292.8 billion recorded in the corresponding period of 2021, on the other hand Nigeria imported agricultural goods worth N907.8 billion in H1 2022. This represents an increase of 11% compared to the N817.52 billion recorded in the corresponding period of 2021. This however implies that Nigeria recorded an agricultural negative trade balance of N564.4 billion, indicating that Nigeria continues to deal with recurrent trade deficits in terms of its agricultural trade despite the huge investment by the federal government in the agricultural sector.

The Debt Management Office (DMO) has stated that Nigeria’s total public debt stock, rose to N42.84 trillion ($103.31Billion) in June 2022 from N41.60 trillion ($100.07 Billion) in the previous month, of which The foreign component of the debt remained at the same level of N16.61 trillion ($39.96 billion) while the local component spiked to N26.23 trillion ($63.24 billion).

The market capitalization of the top five banks, referred to as the Tier-1 banks or FUGAZ, appreciated by 0.05% to close at N2.10 trillion as at 9th of September, 2022, as investors in these banks gained a total of N958.67 million during the trading week. After 5 trading days of the week, 4 of the 5 tier-1 Nigerian banks enjoyed positive market sentiments, with ACCESS Holdings leading the gainers while GTCO suffered negative sentiment. The Nigerian equities market closed bearish during the week as the All-Share Index declined by 0.91%from 49,475.42 points recorded as of the end of last week to close the week at 49,026.62 index points, while the market capitalization followed suit to close at N26.445 trillion

EQUITY MARKET

A total turnover of 562.856 million shares worth N9.438 billion in 16,013 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 719.398 million shares valued at N8.004 billion that exchanged hands last week in 17,444 deals.
The Financial Services Industry (measured by volume) led the activity chart with 381.958 million shares valued at N4.551 billion traded in 8,627 deals; thus contributing 67.86% and 48.21% to the total equity turnover volume and value respectively. The ICT Industry followed with 59.345 million shares worth N2.480 billion in 1,272 deals. The third place was the Services Industry, with a turnover of 32.212 million shares worth N95.807 million in 607 deals.

Trading in the top three equities namely Zenith Bank Plc, NGX Group Plc and Guaranty Trust Holding Company Plc. (measured by volume) accounted for 183.929 million shares worth N3.499 billion in 3,628 deals, contributing 32.68% and 37.07% to the total equity turnover volume and value respectively.
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