…The Month-to-Date and Year-to-Date returns increased to +0.8% and 33.8%, respectively
…From a sectoral standpoint, the Oil and Gas (+5.7%), Insurance (+3.3%) and Banking (+1.1%) indices posted gains, while the Consumer Goods (-0.6%) and Industrial Goods (-0.3%) indices declined.
SAT JUNE 29 2024-theGBJournal| The Nigerian equities market closed in the green this week as bullish sentiments dominated trading activities in three out of the five trading sessions.
Particularly, renewed interest in SEPLAT (+10.0%) and TRANSCOHOT (+9.3%) drove the All-Share Index higher by 0.3% w/w to 100,057.49 points with Market Capitalization settling at N56.602 trillion
Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Industrial Goods, and NGX Growth which depreciated by 0.56%, 0.33% and 0.04% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Consequently, the Month-to-Date and Year-to-Date returns increased to +0.8% and 33.8%, respectively.
Trading activity remained weak, as the total traded volume and value declined by 19.8% w/w and 6.1% w/w, respectively.
Trading in the top three equities namely FBN Holdings Plc, Transnational Corporation Plc, and Access Holdings Plc (measured by volume) accounted for 1.032 billion shares worth N19.799 billion in 6,083 deals, contributing 38.92% and 39.62% to the total equity turnover volume and value respectively.
From a sectoral standpoint, the Oil and Gas (+5.7%), Insurance (+3.3%) and Banking (+1.1%) indices posted gains, while the Consumer Goods (-0.6%) and Industrial Goods (-0.3%) indices declined.
We expect investors to continue to cherry-pick fundamentally sound stocks, given the absence of any significant positive catalysts.
In the medium term, we expect investors’ sentiments to be influenced by developments in the macroeconomic landscape and corporate actions.
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