The NGX All Share Index closed at 51,778.08 points, Decreasing the weekly gain by 2.68%…

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In the just concluded week, the local bourse
witnessed bearish sentiment on five
consecutive trading days as investors continue
to take profit.

Notably, we saw the share prices of MCNICHOLS, ARDOVA, LIVESTOCKS, INTERBREW and COURTVILLE declined by 9.76%, 9.70%, 9.52%, 9.42% and 9.26%
respectively – hence, reducing the All-Share
Index and Market Capitalization each by 268ps
to close at 51,778.08 points and N27.91

However, most of the sector gauges
tracked closed negative.

Notably all the sector gauges tracked were on the reds, The NGX Consumer Goods Index, NGX Banking Index, NGX Insurance Index and NGX OIL/GAS Index decreased by 2.98%, 5.20%, 1.21% and 1.80% respectively to close at 639.38 points, 393.72 points, 176.88 points and 542.80 points respectively.

We also saw a decline in market activity as volume and value decreased by 34% and 30% to 1.2 billion units and N14 billion respectively.

However, deals for the week under review close at 24,661 as against 26,969recorded for the comparative full week.

the new week, we expect to see mixed reactions to the daily change of the local bourse.

Meanwhile, with the expectations of Q2 numbers coming in over the next few weeks we continue to maintain positive sentiments in the market although profit-taking will likely set in as prices rise.

Investors are advised to trade on companies’ stocks with good fundamentals and a positive outlook so as to avoid falling into the bear trap.