THUR, MAR 28 2024-theGBJournal| The local stock market witnessed another subdued performance despite closing marginally higher on two of the four trading sessions this week.
The downward slide was primarily due to sell pressures on FBNH (-8.0%) and DANGSUGAR (-11.9%) amid intense bargain hunting on ZENITHBANK (+11.4%) and GTCO (+7.7%).
Accordingly, the All-Share index shed 0.1% w/w to close at 104,562.06 points. As a result, the MTD and YTD returns moderated slightly to +4.7% and +40.0%, respectively. Activity level remained weak as trading volume and value decreased by 31.9% w/w and 7.8% w/w, respectively.
Sectoral performance was mixed as the Insurance (+3.2%), Banking (+1.9%), Industrial Goods (+0.2%) indices advanced while the Consumer Goods (-1.0%) index declined. The Oil and Gas index closed flat.
Analysts at Cordros Research say they believe the hawkish stance of the MPC will continue to intensify risk-off sentiments in the local bourse, particularly among domestic investors.
”However, we believe earnings releases from the banks and accompanying dividend declarations could trigger another wave of positive sentiments, supporting buying activities on the bourse,” they add.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
