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Home Business News

Bulls gain momentum, as stimulus package lifts global financial markets

Olumide Adesina by Olumide Adesina
March 28, 2020
in Business News, Markets, Stock Market
investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green
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In America, the Dow Jones 30 recorded its biggest weekly surge since 1938, paring some of the losses of recent weeks, as lawmakers agreed to the largest economic-relief package in U.S. history ($2 trillion) in response to the COVID-19 pandemic.

Global stock markets were bullish this week as a great number of stimulus measures from around the globe had brought about a modicum of stability in equity markets. US (DJIA: +17.6% and S&P: +14.1%) equities were up, strengthened by quantitative easing by the U.S. Federal Reserve and hopes of a USD 2.2 trillion government stimulus aid bill.

In Europe, European shares closed in the red on Friday after EU lawmakers failed to agree on a coronavirus rescue package and British Prime Minister Boris Johnson announced he had been infected.

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The pan-European STOXX 600 index started Friday about 2% lower, then closed down 3.3% after the announcement about Johnson’s test. The declines followed a three-day rally, and the index marked its best week since 2011.

(READ MORE: Bulls push Nigerian bourse index up 0.13%, investors gain N15.20 billion)

British blue-chip stocks had extended losses after the news, closing 5.3% down.

22nd Century portfolio, Weekly update of the Global Market ending 13th March 2020

With most of Europe practically under lockdown due to the virus, a recession appears imminent. EU lawmakers on Thursday extended the deadline for agreeing on a comprehensive economic rescue package by two weeks over a dispute between the ailing south and the fiscally conservative north.

In Asian sessions, the Japanese Nikkei 225: up 17.1%; Chinese Shanghai SE: up 1.0% stocks closed higher on expectations of further monetary stimulus to mitigate the impact of the coronavirus epidemic on the global economy.

Emerging market (MSCI EM: +6.0%) stocks were also boosted by the positive showing in South Korea (+9.7%) while the frontier market (MSCI FM: +2.6%) equities benefitted from strong gains in Kuwait (+7.7%).

However, in Nigeria despite the pocket of gains, weak sentiments continued to dominate the Nigerian equities market, as the All-Share Index plunged by 1.52% w/w to 21,861.78 points.

(READ MORE: Bulls gather momentum ASI up 0.48%, gained N55.3 billion)

Consequently, the MTD and YTD returns settled at -15.3% and -18.6%, respectively. Looking at each sector, significant losses recorded in the Consumer Goods (-8.1%) and Oil and Gas (-2.2%) sectors weighed on the market performance, as both indices declined.

The Industrial Goods (-0.5%) index also followed suit. The Insurance (+3.3%) and Banking (+2.1%) indices were the sole gainers.

In commodities, oil prices extended their fall on low demand concerns as the virus slowed economies to a crawl, which outweighed the stimulus efforts. U.S. crude recently fell 3.98% to $21.70 per barrel and Brent was recently at $24.83, down 5.73% on the day.

Gold market participants remained concerned about a supply squeeze after a sharp divergence between prices in London and New York. The virus has grounded planes used to transport gold and closed precious metal refineries.

Spot gold dropped 1.0% to $1,613.02 an ounce. The metal posted its largest weekly advance since 2008.


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Tags: Business Newscommodities marketsCOVID-19 PandemicDow Jones 30Global financial marketsglobal stock markets
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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