Equities Market Closes Positive as ASI Rises by 1.23% amid Renewed Bullish Activity…

0
174

In the just concluded week, the domestic
bourse halted the downtrend as bullish
sentiment dominated trading activity; hence, the NSE ASI advanced week-on-week by 1.23% to close at 38,726.10 points while the YTD loss of the local bourse index moderated to -3.84%.

Performance across sub-sector gauges was positive as three out of the five indices tracked closed in green zone; the NSE Banking, NSE Insurance and the NSE Industrial indices rose by 0.04%, 1.25% and 2.60% to close at 355.45 points, 207.99 points 1,907.99 respectively.

On the flip side, the NSE Consumer Goods and the NSE Oil/Gas indices fell by 0.37% and 0.79% to 561.00 points and 306.75 points respectively.

Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded rose by 2.03%, 4.35% and 0.81% to 17,933 deals, 1.08 billion units and N9.54 billion respectively.

In the new week, we expect the equities market index to trade northwards as investors position in high yielding dividend stocks, especially those corporates that pay interim dividend and have printed positive first quarter financial results.

Hence, we feel the local bourse currently provides ample opportunity for capital gains.

In the new week, we expect the equities market index to trade northwards as investors position in high yielding dividend stocks, especially those corporates that pay interim dividend and have printed positive first quarter financial results.

Hence, we feel the local bourse currently provides ample opportunity for capital gains.