SAT MAY 04 2024-theGBJournal| The Nigerian Equities market finished the holiday shortened week Friday positive with the first weekly gain since March, as the All-Share index climbed 1.46% to close at 99,587.25 points.
Similarly, all other indices finished higher with the exception NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26%, 0.68% and 0.36% while the NGX ASeM and NGX Sovereign Bond indices closed flat.
During the week, gains in MTNN (+6.44% w/w), ZENITHBANK (+6.13% w/w) and GTCO (+7.32% w/w) offset losses in SEPLAT (-2.33% w/w), DANGSUGAR (-2.08% w/w) and NB (-4.48% w/w).
As a result, the year-to-date (YTD) return rose to 33.18%, while the market capitalization gained N811.48 billion w/w to close at N56.32 trillion.
In Friday’s trading session, renewed interest in telco heavyweight, MTNN (+2.38%) alongside blue-chip ZENITHBANK (+5.65%) and GTCO (+8.86%) outweighed selloff in TRANSCORP (-3.42%), ACCESSCORP (-0.57%) and ETI (-7.50%) leading to the market’s strong performance.
Analysis of market activities showed trade turnover settled higher on Friday relative to the previous session, with the value of transactions up by 28.14%. A total of 446.57 million shares valued at N7.10 billion were exchanged in 9,297 deals.
ACCESSCORP (-0.57%) led the volume and value chart with 151.80 million units traded in deals worth N2.68 billion.
Market breadth closed positive at a 1.53-to-1 ratio with advancing issues outnumbering the declining ones.
DANGSUGAR (+9.94%) topped twenty-eight others on the leader’s table while CONOIL (-10.00%) led nineteen others on the laggard’s log.
Looking ahead, we expect investors to adjust their portfolios based on assessment of Q1-24 corporate earnings reports.
However, the prospect of higher fixed income yields could dampen buying interests, especially in the absence of any significant positive catalysts.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
