Weekly Market Summary: January 7, 2022

Last week

• BUA Food lists 18 billion ordinary shares on the NGX.
• New Chief Economic Adviser appointed by the Presidency.

This week

• December 2021 inflation numbers expected.
• More details on carbonated drinks VAT hike.

Insights

Nigerian Exchange Limited (NGX) opened the year on a positive note. The benchmark All Share Index (ASI) appreciated by 2.66% to close at 43,854.42 points. Market Capitalization rose by N1.33trillion to close at N23.63trillion while the Year-to-Date (YTD) returns settled at a gain of 2.66%.

The week’s market direction can be largely attributed to gains recorded in large and mid-cap stocks in Consumer Goods, Banking, and Industrials. Some of week’s market gainers include; WAPCO-Lafarge (7.72%), Oando (7.24%), United Capital (9.60%), Stanbic IBTC (2.78%), Access Bank (2.15%), Transcorp (2.08%), and NGX Group (6.53%).

The breadth measured by Advancers/Decliners was negative as it closed at 1.30x indicating a bullish mood. At the close of weekly trading: Nigerian Breweries (4.00%), Dangote Cement (2.72%), Guaranty Holdings (0.77%), Dangote Sugar (2.30%), and Unilever Nigeria (3.45%) were among the market losers. There were 39 gainers and 30 losers as 73 stock prices were unchanged on the NGX Premium and Equity Boards.