Stock market volatility continued with the benchmark Nigerian Exchange Limited, NGX, All-Share Index, ASI, closing higher, gaining a modest 11 basis points, bps, Week-on-Week, WoW, at 66,464.57 points last Friday from 66,362.14 points the previous week. Investors are eagerly anticipating policy statements from the fiscal and monetary authorities as the new ministers and apex bank leadership settle down to roll out new economic plans. The second-quarter 2023 financial results are being announced, and the third-quarter 2023 reports are expected to start pouring in soon. Analysts are predicting mixed Q3'23 earnings reports due to ongoing fiscal reforms and foreign exchange challenges. The market capitalization closed at N36.510 trillion, with a year-to-date growth of 29.89%. Analysts anticipate mixed sentiment in the market with bargain hunting and portfolio repositioning ahead of Q3 corporate earnings reports and the reconvening of the monetary policy meeting by the Central Bank of Nigeria [d842ddd2] [51ea1f2c] [3e00a03a].
Net subscription of units of Hungarian investment funds reached HUF 453 billion in August, up from HUF 339 billion in July. The net asset value of Hungarian investment funds reached HUF 16.191 trillion at the end of August. Price changes added HUF 74 billion to NAV, but exchange rate fluctuations reduced the value by HUF 35 billion during the month. Investment fund NAV was up from HUF 11.425 trillion 12 months earlier. Fixed income funds had the biggest NAV (HUF 4.75 trillion), followed by equities funds (HUF 4.153 trillion), real estate funds (HUF 3.41 trillion), and mixed funds (HUF 2.185 trillion) at the end of the month [45c5b881].
Mutual funds collection via new fund offerings (NFOs) have surged to ₹22,000 crore in the July-Sep quarter after 48 new schemes were launched in the market. This is nearly four times the amount collected in the preceding quarter. The increase in NFOs is expected to continue as more Asset Management Companies (AMCs) enter the market and offer financial products to equity and debt investors. The launch of 48 new schemes in the quarter resulted in over ₹80,000 crore in inflows, indicating a growing trend towards equity. The top-performing schemes in terms of Asset Under Management (AUM) during the quarter were the Defence Fund and HSBC Consumption Fund.
Share turnover on the Budapest Stock Exchange reached HUF 181 billion in November, with Erste Bank brokered the highest volume of trades. Wood&Company and Concorde followed as the runner-ups in terms of turnover [9ea11053].
Net subscription of units of Hungarian investment funds reached HUF 406 billion in December, up from HUF 224 billion in November. The net asset value (NAV) of Hungarian investment funds reached HUF 17.858 trillion at the end of December. Fixed income funds had the biggest NAV (HUF 5.814 trillion), followed by equities funds (HUF 4.286 trillion), real estate funds (HUF 3.557 trillion), and mixed funds (HUF 2.351 trillion) at the end of the month. There were 879 investment funds under the oversight of the National Bank of Hungary (MNB) in December, six more than the previous month [a4d7247e].
The total assets of the Exchange Fund in Hong Kong amounted to HK$4.0465 trillion as of January 31, 2024, which is HK$28.7 billion higher than the end of December 2023. Foreign currency assets increased by HK$37.3 billion, while Hong Kong dollar assets decreased by HK$8.6 billion. The rise in foreign currency assets was due to an increase in unsettled purchase of securities, while the decline in Hong Kong dollar assets was due to mark-to-market revaluation of Hong Kong equities. The Monetary Base at the end of January 2024 was HK$1.9106 trillion, increased by HK$14.4 billion from the end of December 2023. The Backing Assets increased by HK$20.0 billion to HK$2.1197 trillion at the end of January 2024. The Backing Ratio increased from 110.73% to 110.94% during the same period [3c9228be].
Allianz Asset Management GmbH has increased its stake in Jazz Pharmaceuticals plc (NASDAQ:JAZZ) by 59.0% during the fourth quarter, according to a recent disclosure with the Securities and Exchange Commission (SEC). The firm now owns 24,640 shares of the specialty pharmaceutical company's stock, worth $3,031,000. Other institutional investors, including Hsbc Holdings PLC and Cape Investment Advisory Inc., have also recently increased their stakes in JAZZ. Jazz Pharmaceuticals reported $1.98 EPS for the quarter, missing analysts' consensus estimates of $3.53. The company had revenue of $901.98 million for the quarter. The stock has a market cap of $7.06 billion and a PE ratio of 23.10. Jazz Pharmaceuticals has a fifty-two week low of $103.01 and a fifty-two week high of $146.70. Several research firms have upgraded their ratings on JAZZ, with a consensus rating of 'Moderate Buy' and a consensus price target of $190.92. [e9411217] [a2dce0e2].
Aspex Management HK Ltd has sold 4,846,100 shares of Prenetics Global Limited (NASDAQ:PRE), reducing its holdings by 93.3% during the 4th quarter. As a result, Aspex Management HK Ltd now owns 346,150 shares of the company's stock, making it the 29th largest holding in its portfolio. The shares were sold for approximately $2,046,000. Cantor Fitzgerald has decreased its price objective on Prenetics Global from $10.00 to $9.00 and has given the stock an 'overweight' rating. Prenetics Global's stock is currently trading at $6.10, with a 50-day simple moving average of $4.96 and a 200-day simple moving average of $4.85. The company reported a negative EPS of ($0.52) for the last quarter and is expected to post a negative EPS of -3.59 for the current fiscal year. Prenetics Global Limited is a genomics-driven health sciences company that offers CircleDNA, a comprehensive consumer DNA test, and engages in pioneering multi-cancer early detection technologies through its joint venture, Insighta.
The Manufacturers Life Insurance Company has acquired an additional 3,967 shares of argenx SE (NASDAQ:ARGX), bringing its total holdings to 47,583 shares. The institutional investor now owns 0.08% of argenx, with a total value of $18,102,000. Other hedge funds and institutional investors have also modified their holdings of argenx. The stock's 50-day moving average is $376.30 and its 200-day moving average is $393.65. Argenx SE has a market cap of $22.33 billion and a price-to-earnings ratio of -66.40. The company reported ($1.04) earnings per share for the last quarter, missing analysts' estimates of ($0.71) by ($0.33). Sell-side analysts expect argenx SE to post -2.75 EPS for the current fiscal year. Several research analysts have issued ratings and price targets for argenx, with an average rating of 'Moderate Buy' and an average price target of $520.68. [4c5b42fa].
Esi Minta-Jacobs, an insider at AssetMark Financial Holdings, Inc. (NYSE:AMK), sold 2,529 shares of the company's stock on June 10th at an average price of $34.40, for a total value of $86,997.60. Following the sale, Minta-Jacobs now owns 66,766 shares in the company, valued at approximately $2,296,750.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission. AssetMark Financial Holdings, Inc. is a wealth management platform provider in the United States. The company reported $0.60 EPS for the quarter, hitting the consensus estimate of $0.60. It had revenue of $190.27 million for the quarter, compared to the consensus estimate of $143.91 million. The firm has a market cap of $2.54 billion, a P/E ratio of 17.86, and a beta of 1.10. The stock's 52-week low is $22.92 and its 52-week high is $37.54. A number of hedge funds have recently bought and sold shares of the company, including Vanguard Group Inc., Jennison Associates LLC, Dimensional Fund Advisors LP, Adage Capital Partners GP L.L.C., and Azora Capital LP. Several equities research analysts have weighed in on the stock, with JPMorgan Chase & Co. downgrading it from an 'overweight' rating to a 'neutral' rating and setting a $37.00 price target on the stock. Raymond James raised their price target on the stock from $39.00 to $41.00 and gave the company a 'strong-buy' rating. William Blair downgraded the stock from an 'outperform' rating to a 'market perform' rating.
EMX Royalty Co. (NYSEAMERICAN:EMX) experienced a significant increase in short interest in May 2024. The short interest rose by 141.7% from May 15th to May 31st, with a total of 158,800 shares being shorted. The days-to-cover ratio is currently 0.4 days, based on an average daily trading volume of 352,900 shares. The stock is currently being rated as a 'buy' by HC Wainwright, with a price target of $6.75. EMX Royalty's stock price closed at $1.82 on June 13th, with a market capitalization of $205.88 million. The company reported a negative EPS of ($0.02) for the last quarter and had revenue of $6.24 million.
FIL Ltd increased its holdings in Methanex Co. (NASDAQ:MEOH) by 4.9% during the fourth quarter, owning 7,396,173 shares of the specialty chemicals company's stock worth $349,868,000. Other hedge funds and institutional investors have also made changes to their positions in the company. Several research analysts have recently issued reports on the stock, with an average rating of 'Moderate Buy' and an average price target of $56.38. Methanex Co. has a market capitalization of $3.24 billion, a P/E ratio of 21.01, and a beta of 1.42. The company's 50-day moving average price is $50.40 and its 200-day moving average price is $46.82. Methanex last released its quarterly earnings results on Wednesday, April 24th, reporting $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.35. Methanex also announced a quarterly dividend, with a dividend yield of 1.54%.