SAT JUNE 08 2024-theGBJournal|Negative sentiments resurfaced in the domestic bourse due to profit-taking activities on most trading days of the week.
Specifically, sell pressures on TRANSCORP (-11.2%) and UBA (-5.4%) drove a 0.1% w/w decline in the All-Share Index, as it closed at 99,222.33 points.
Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance and NGX Consumer Goods which appreciated by 0.08%, 0.84% and 0.33% respectively while the NGX ASeM, NGX Industrial Goods and NGX Sovereign Bond indices closed flat.
Consequently, the Month-to-date and Year-to-date returns settled at -0.1% and +32.7%, respectively.
Analysing activity levels, trading volume, and value declined by 22.2% w/w and 2.6% w/w, respectively.
Trading in the top three equities namely Fidelity Bank Plc, Access Holdings Plc and Veritas Kapital Assurance Plc (measured by volume) accounted for 583.809 million shares worth N5.740 billion in 4,733 deals this week, contributing 34.28% and 18.82% to the total equity turnover volume and value respectively.
Finally, sector performances were mixed, as the Banking (-0.6%) and Oil & Gas (-0.2%) indices declined, while the Insurance (+0.8%) and Consumer Goods (+0.3%) indices advanced. Meanwhile, the Industrial Goods index closed flat.
A total turnover of 1.703 billion shares worth N30.495 billion in 37,765 deals was traded by investors, in contrast to a total of 2.189 billion shares valued at N31.303 billion that exchanged hands last week in 39,362 deals.
In the coming week, we expect the overall market sentiment to remain bearish, especially given the lack of significant drivers to buoy investors’ interest over the near-term, before the earnings season.
One potential factor that could change the direction of activities may be upcoming share issuances by banks, however, the timelines for these issuances remain unclear.
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