…The Month-to-Date and Year-to-Date returns settled at 0.0% and +30.7%, respectively
…Across our sectoral coverage, the Consumer Goods (-3.3%) and Banking (-0.5%) indices posted losses
SAT AUG 03 2024-theGBJournal|The Nigerian equities market continued with bearish sentiments, as profit-taking activities on MTNN (-5.0%) and NESTLE (-9.8%) stocks drove the All-Share Index lower by 0.5% w/w to 97,745.75 points by the end of trading on Friday. Market capitalization fell by 0.19% to N55.497 trillion.
All other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX ASeM and NGX Oil and Gas which appreciated by 0.01%, 1.59%, 5.26% and 4.27% respectively, while the NGX Sovereign Bond indices closed flat.
The Month-to-Date and Year-to-Date returns settled at 0.0% and +30.7%, respectively.
In terms of activity level, the total traded volume declined by 4.3% w/w while the total traded value increased by 11.3% w/w.
Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 2.099 billion shares worth N28.215 billion in 7,603 deals, contributing 61.87% and 53.94% to the total equity turnover volume and value respectively.
Across our sectoral coverage, the Consumer Goods (-3.3%) and Banking (-0.5%) indices posted losses, while the Oil & Gas (+4.3%) and Insurance (+1.6%) indices recorded gains. The Industrial Goods index closed flat.
While we expect the ongoing H1-24 earnings season to ultimately guide the market’s direction over the short term, we still expect bearish sentiments to remain the key theme as investors remain cautious and continue to exhibit weak appetite for Nigerian tickers.
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