In the just concluded week, the NGX
reversed last week’s bullish close with a
0.45% week-on-week decline in the benchmark index and market capitalization despite the increased profit-taking activities by investors.
Notably, we saw pressured sell-offs in NAHCO (-34%), CAVERTON (-17%) HONYFLOUR (-15%), FTNCOCOA (-14%) and NB (-11%) in that order, prompting a N126.83 billion loss for investors.
Consequently, there was a recorded dip in the All-Share Index and Market Capitalization by 0.45% w/w to close at 51,979.92 points and N28.03 trillion respectively.
Meanwhile, the year-to-date return moderated marginally to 21.7%. Furthermore, the performance of the sectorial gauges tracked traded in the mix except for the NGX Oil and Gas and NGX Insurance Index which gained 3.80% and 1.81% week on week.
On the flip side, there were declines in the NGX Banking (4.06%), trailed by the NGX Consumer Goods Index and NGX Industrial Index which recorded loses by 1.97% and 0.49% respectively on a w/w comparison.
Elsewhere, the bullish sentiments pervaded the level of trading activity during the week as total traded volume and value increased by 81.87% and 96.93% w/w to 917.2 million units valued at N14.80 billion.
Meanwhile, deals for the week under review close at19,513 from 12,393 in the prior week.
In the new week, we expect the market to trade in a mixed sentiment as the dividend season draws near for investors to continue their profit-making activities.
Also, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook.