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

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

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.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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