Domestic Shares Rebound, Up 2.33%, on Tribunal Verdict…

Date:

In the Just concluded week, the local equities market reversed its bearish trend as the renewed interest observed last week was sustained.

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The rebound may have been informed by the outcome of Presidential Election Petitions Tribunal’s judgement as investors may be finding closure to the February 23, Presidential election saga.

Particularly, overall market performance measure, NSE ASI, rebounded by 2.33% w-o-w to 27,779.00 points. Hence, three of the five sectored gauges closed in the green: NSE Banking Index, NSE Consumer Goods Index and NSE Oil/Gas Index increased by 1.42%, 0.41% and 1.19% to 338.12 points, 521.99 points and 212.64 points respectively.

However, NSE Insurance Index and NSE Industrial Index moderated by 0.62% and 0.06% to 105.45 points and 1,093.14 points respectively.

Meanwhile, market activity was mixed as total deals and transaction volumes rose by 17.20% and 4.49% to 17,980 deals and 1.15 billion shares respectively; however, Naira votes fell by 17.17% to N14.08 billion.

In the new week, we expect the domestic bourse to close in positive territory as it appears investors are beginning to take position in some bellweathers’ stocks.

Hence, we expect value investors to continue to pitch their tent with companies that have grown their profit after tax, paid dividends over time, trading below equity per share and have strong cash flows, in order to optimize their returns.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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