NGX | Nigerian Exchange - Monthly Equities Review - August 2022 : Risk-off sentiments breed underwhelming performance
As an asset class, domestic equities largely outperformed global peers in H1’22, with the NGX All-Share index delivering a 17.9% local currency gain. Our diagnosis primarily revealed the impact of FY’21 & Q1’22 earnings releases, conflict-induced hike in commodity prices, and FX repatriation demand for dual-listed tickers. Notwithstanding, performance was largely lacklustre in July (-2.8%; 7M’12: +17.9%), which coincided with the Monetary Policy Committee’s second MPR increase of 2022 and relatively uninspiring Q2’22 earnings.