Upbeat Momentum on the NGX Buoyed by Corporate Earnings…

Date:

Equity trading on the NGX-ASI resume the month of March with bullish momentum after the upbeat in buying interests and churn out of full-year scorecards by corporates in February that saw market gained by 4.82% to give investors N1.4 trillion in profit.

Thank you for reading this post, don't forget to subscribe!

The market sustained its positive momentum and recovery ahead of more dividend declarations, or announcement by listed companies coinciding with the outcome of the nation’s presidential elections and rates hikes by major central banks that have taken course to drive mixed yields in the international and domestic fixed income market.

The month of March began on a positive foot as the NGX-ASI posted uptrend in performance by 1.06% week on week to 55,529.21 points due to position-taking and higher traded volume as early filers continued to hit the market with impressive numbers and dividend news that translated to better yields.

In the same manner, the market capitalization rose 1.06% week on week to N30.25 trillion to give investors N315.96 billion in profits while the year-to-date return inched further to 8.35% from 7.2% last week.

Across the sectors this week, performance was largely upbeat for most of the indices that saw support from an increased inflow of funds into the equity space and continued buying sentiments, except for the oil/gas index that closed the week in a quiet mode.

Meanwhile, positive price movement was seen in the Consumer Goods (+5.65%), Banking (+1.40%), Industrial Goods (+1.16%) and Insurance (+0.92%) indexes through the week as investors posed their expectations for the early filers from these sectors that hit the market with their 2022 full-year scorecards.

At the close of the week, the level of market trading activities was bullish as we saw the total number of deals increased further by 43.07% week on week to 20,308 as stockbrokers recorded a massive 138.76% surge in trade volumes to 1.91 billion units valued at N18.44 billion, indicating an increase by 130.24% week on week.

Meanwhile, the top-gaining securities for the week were GEREGU (+27%), CILEASING (+21%), and STANBIC (+19%), while the week’s losers were CHAMS (-11%), MULTIVERSE (-10%), and SEPLAT (-9%).

Looking ahead into the new week, a mixed trend is expected to continue even as the market outlook remains chancy due to the prevailing global trend, or pullbacks that may happen in the new month as a result of profit taking.

However, the anticipated correction in the new month, or after, will strengthen recovery.

However, we advise investors to trade companies with sound fundamentals and, as such, should take advantage of price corrections in line with domestic and global trends.

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.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading