Market report – Meta Platforms soar on positive earnings data

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The Egyptian Exchange’s EGX30 returned more than 3% on April 28, 2022. The Johannesburg Stock Exchange’s All Share Index was also up 1.81%, marking a positive return from the Freedom Day holiday. The Zimbabwe Stock Exchange’s All Share Index was down 1.41%. This was a rare negative day on the exchange deep in the middle of a looming currency crisis. The ZSE’s management imposed new circuit breakers to control rampant buying in the country as investors use the market as a haven for their savings.

It was a largely positive day in Europe as all major indices almost returned a more than 1% gain from the previous day. German’s DAX was up 1.35% on the day, France’s CAC 40 index was up 0.98%, while the FTSE 100 index was up 1.13% in the UK.

Data from various sources; Charts by Bkays Money

US equities took a break from the sell-off by closing essentially high on Thursday, April 28, 2022. The Nasdaq Composite index experienced the most gains, returning +3.06% on the day, buoyed by another positive day on giants such as Meta Platforms, Facebook’s parent company (+17.6%). Meta Platforms reported more than expected profit, showing resilience amis=dst ongoing economic headwinds.

The S&P 500 index also jumped 2.47%, while the small stocks represented by the Russell 2000 index closed the day up 1.8%.

Asian markets also closed a largely positive day with notable gains in South Korea (Kospi CI +1.08%) after enduring negative days at the beginning of the week.