In the just concluded week, we saw bullish run
of the local bourse on three consecutive days
but the overall impact was not enough to
completely cancel out the week-on-week loss
recorded in the previous week.
Notably, we saw the share prices of LIVESTOCK,
REDSTAREX, UNITYBNK, COURTVILLE and
FCMB declined by 9.1%, 8.6%, 8.2%, 6.0%
and 5.7% respectively –
hence, reducing the All-Share Index and Market Capitalization each by 14ps to close at 51,705.61 points and N27.9 trillion.
However, most of the sector gauges tracked closed negative. Notably the sector gauges such as,
The NGX Consumer Goods Index, NGX Insurance Index and NGX Industrial Index decreased by 2.02%, 1.36%, and 11.89% respectively to close at 626.45 points, 174.27 points, and 2,155.90 points respectively.
We also saw a decline in market activity as volume and value decreased by 6.6% and 2.1% to 1.12 billion units and N14 billion respectively. However, deals for the week under review close at 242,349 as against 24,661 recorded for the comparative full week
In 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.