NGX All-Share Index Rebounds by 1.12% amid Renewed Investors Interests…

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In line with our expectations, the domestic stock market closed northward amid renewed investor interest.

We saw buying interest in tickers such as MEYER, ROYALEX, FTNCOCOA and PHARMDEKO as their respective share prices rose by 27%, 15%, 14% and 10% respectively.

Amid bargain hunting activity on
the domestic bourse, the All-Share Index rose w-o-w by 1.12% to close at 42,353.31 points.

Also, most of the sub-indices tracked closed in green.

The NGX Insurance, NGX Consumer
Goods and the NGX Industrial indices gained 0.04%, 0.63% and 0.38% to close at 190.93 points, 550.41 points and 2,081.14 points respectively.

However, the NGX Banking and the NGX Oil/Gas indices fell by 1.82% and 0.57% to close at 395.38 points and 350.65 points respectively.

Meanwhile, market activity was weak despite the positive performance. Hence, deals, volume and value of stocks traded plummeted by 12.26%, 49.92% and 43.01% to 18,292 deals, 1.32 billion units and N15.33 billion respectively.

In the new week, Cowry Research expects the local stock market to be bullish ahead of the usual Santa Clause rally and corporate actions.