The NGX All Share Index closed at 52,979.96 points, decreasing the weekly gain by 0.22%….

0
267

In the just concluded week, the local bourse
witnessed bearish sentiment amid profit taking
on some stocks.

Notably, we saw the share
prices of LEARNAFRCA, GSPECPLC, ACADEMY, ROYALEX and FTNCOCOA drop by 10.00%, 9.79%, 9.56%, 9.52% and 8.57% respectively –

hence, decreasing the All-Share Index and Market Capitalization each by 22bps to close at my 52,979.96 points and N28.72
trillion.

Also, most of the sector gauges closed
in positive territory amid sustained buy
pressure.

Notably, The, NGX Insurance Index, and NGX Oil and Gas Index increased by 2.28% and 0.30% respectively to close at 192.34 points and 556.29 points respectively.

Meanwhile, market activity was bullish as volume and value rose by 99% & 0.3% to 3.0 billion units and N27 billion.

However, deals for the week under review close at 29,252 as against 29,267 recorded for the comparative full week.

In the new week, we expect the domestic equities market to trade sideways as investors rebalance their portfolio in favor of high dividend paying stocks with good fundamentals