The Bears Held Its Grip On the Stock Market As Pressured Sell-Offs Continue…

Date:

Weak investors’ sentiments continue to
dampen the performance of the stock
market for the second straight week as
the benchmark index dipped 0.56% w/w
on the back of pressured sell-offs in
major counters while investors continue
their cherrypicking activities after
Tuesday’s dead-cat bounce.

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Also, the NGX market capitalisation deteriorated
by 0.56% w/w % w/w to N26.64 trillion
from N26.79 trillion in the prior week
while the market YTD performance eased further to 15.62% as investors lost N148.99 billion from 4 out of 5 sessions.

The lackluster performance was broad-based during the week as price declines in JAPAULGOLD (-24), PZ (-17%), HONYFLOUR (-14%), NEM (-13%), and FLOURMILL (-10%) dragged the index into a deeper bear.

Across the sectorial front, it was a varied performance as two out of five indexes under our purview gained while others lost.

Resultantly, the NGX Insurance (-1.40%) and NGX Consumer Goods (-1.03%) and the NGX Industrial Goods (-0.87%) indexes closed the week negative while the NGX Banking (+0.65%) and NGX Oil and Gas (+0.28%) Indexes recorded weekly gains from price appreciation.

The level of trading activity during the week closed mixed as the total traded volume decreased 47.5% w/w to 792.94 million units while the total weekly traded value rose by 93.99% w/w to N11.9 billion and then the total deals for the week dipped (-17.40%) to 16,861 from 20,412 last week.

Going into the new week, we anticipate mixed sentiments to drive trading as investors continue exhibiting minimal apathy towards risk assets like equities.

However, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook.


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
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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