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.
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.