Stock Market Review

Good morning!??

How are you doing? 

How did your weekend go? 

We had a busy but interesting weekend.

On Friday, we took a few phone calls from our followers.

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Monday’s the start of a new work week and a new trading week for stock markets. Here is how last week went down and how we expect this week to shape up. 

Green White Green - Last Week 

Last week was a generally positive one as the Nigerian Stock Exchange (NSE) closed in the green. 

How do we know this? 

There is a measure known as the All Share Index. The index measures the average movement of stocks as a whole. Last week it gained 2.9%. 

The index is just an average. Some stocks will do better or outperform the index. Some stocks will do worse or underperform the index. 

Neimeth International Pharmaceuticals led last week’s gainers. It gained 12% to close at N2.70. Japaul Oil and Maritime was the worst-performing stock last week. It declined by 11.11% to close at N0.24. 

Earnings season is largely over, but we had a few firms release either half-yearly results or 9M results. 9M means the first nine months of a financial year. 

The biggest result released last week was that of the FCMB Group. 

Green White Green - This Week 

Mutual Benefits Assurance will hold an Extraordinary General Meeting (EGM) on the 3rd of December. Companies hold EGMs when they have something critical to discuss before the end of their financial year. 

The company will be seeking shareholders’ approval to raise capital through a private placement. 

Guaranty Trust Bank will hold a Court-Ordered Meeting on the 4th of December. The agenda would be to seek shareholders’ approval to transmute to a Holdco structure. GT Bank shares will be exchanged for shares in the Holdco. 

We think trading this week will end on a slightly much more positive note as November comes to an end. The declines in the previous week have created buy opportunities for short-term players. 

Star-Spangled Banner - Last Week 

Last week was a positive one for the 3 key indices in the US. The NASDAQ composite index was the best performing index. It gained 2.53%. The Dow Jones Industrial Average (commonly known as the Dow) gained 1.45%, and during the week crossed the 30,000 mark for the first time. The S&P 500 gained 1.5%. 

News broke that tech Salesforce was in talks to acquire popular messaging app Slack. While no firm agreement has been reached, the deal could be potentially Salesforce’s biggest acquisition. Slack has a market cap of $23 billion. Salesforce’s biggest acquisition so far was Tableau, which it bought for $15.3 billion in 2019. 

Star-Spangled Banner - This Week 

Earnings season is as good as done in the United States as well. A few popular names largely in the tech space will release their results. They include Zoom, Crowdstrike, Okta, Snowflake, and Docusign. 

On Friday, unemployment data will be released, and that’s a figure that could move the market either positively or negatively.

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