SAT JUNE 15 2024-theGBJournal|Nigerian stocks rose on Friday, rounding off a rosy week that has delivered mixed raft of information to investors.
The market exhibited a bullish trend in 3 out of 4 trading sessions as the NGX All-Share Index rose by 9 bps day-on-day and 71 bps week-on-week (WoW), closing at 99,925.29 points.
Consequently, the year-to-date growth rose to 33.64%, and the NGX market capitalization increased by N0.386 trillion WoW, reaching N56.526 trillion.
The weekly market breadth was 2.08x, with 50 stocks declining compared to 24 advancing.
Analyzing trade data on a WoW basis, the overall trading volume decreased by 18.02% to 318.10 million units, and the total traded value dropped by 32.68% to N4.95 billion.
Week-to-date (WTD), the most actively traded stocks by volume were FIDELITYBK, ACCESSCORP, and ZENITHBANK, with total trades amounting to 938.82 million units, 222.73 million units, and 189.61 million units, respectively.
In terms of value, the most traded stocks WTD were FIDELITYBK, ZENITHBANK, and GTCO, with total values of N9.35 billion, N6.63 billion, and N4.45 billion, respectively.
The overall market sentiment is expected to be mixed in the coming week, 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.
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