The bulls rule the bourse as NGX-ASI close 51829.67 points.


In the just concluded week, the domestic bourse
sustained its bullish run from the prior week
from three out of five trading sections and
closing the week on a marginally positive note
as investors begin to take position ahead of the
forthcoming earning season.

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Notably, we saw the share prices of CORNEST (21%), OKOMUOIL (12%), FBNH (10%), ETI (9%) and
SOVERINS (8%) in that order– hence, driving
the positive advancement of the All-Share Index
and Market Capitalization each by 2ps (0.24%
w/w) to close at 51,829.67 points and N27.94 trillion.

However, most of the sector gauges tracked closed northward as was seen in the NGX Banking (1.06%), NGX Insurance (3.59%) and NGX Oil/Gas (0.15%) indexes respectively.

On the other hand, the NGX Consumer Goods Index and NGX Industrial Index declined by 0.40%, 0.13% on a week on week comparison.

Elsewhere, we saw a positive outing in the market trading activity during the week as total traded volume and value increased by 20.54% and 78.76% week on week to 1.35 billion units and N24.5 billion respectively.

However, deals for the week under review close at 22,155 as against 242,349 recorded in the prior week.

In the new week, we expect to see the expectations of Q2 numbers act as catalyst to trigger more bullish sentiments.

Also, we continue to maintain positive sentiments in the market while investors are advised to trade on companies’ stocks with good fundamentals and a positive outlook so as to avoid falling into the bear trap.

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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