NGX Shows Resilience with 0.71% Weekly Gain Amid Optimism


The Nigerian stock exchange displayed resilience last week, marked by a touch of bullish optimism as investors adjusted their portfolios ahead of the holidays. The All-Share Index rose by 0.71% to close at 99,925.29 points, driven by strong interest in energy and financial stocks. Market capitalization also rebounded, climbing 0.71% to N56.53 trillion, a gain of N397.74 billion. The week saw 51 gainers outpacing 34 decliners, reinforcing bullish sentiment and pushing year-to-date returns to 33.64%.

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

Top Performers Drive NGX Gains: CUTIX, REGALINS Lead Weekly Gainers

The equities market witnessed notable gains, with stocks like CUTIX (+28%), REGALINS (+24%), CHAMS (+23%), TOTAL (+21%), and FTNCOCOA (+20%) leading the weekly charge. Conversely, sell-offs in DAARCOMM (-18%), CILEASING (-15%), CUSTODIAN (-11%), ETI (-11%), and NASCON (-10%) dampened market sentiment.

Sectoral Indices Surge: Oil & Gas, Banking Lead Gainers

Sectoral performance was robust, with the NGX-Oil & Gas and NGX-Banking indices rising by 5.28% and 3.63% respectively. This uptick was driven by gains in major stocks such as TOTAL, UNITYBNK, STERLINGNG, FIDELITYBNK, OANDO, and ZENITHBANK. The NGX-Insurance, NGX-Consumer Goods, and NGX-Industrial Goods indices also recorded gains.

Trading Activity Soars: Volume and Value Up, Number of Trades Down

Trading activities were active, evidenced by a 54.63% increase in traded volume to 2.63 billion units and a 43.14% rise in traded value to N43.65 billion. However, the number of trades declined by 10.74% to 33,709 deals for the week.

Outlook: Mixed Trend Expected with Focus on Sector Rotation and Inflation Data

Looking ahead, a mixed trend is anticipated as profit-taking activities may influence market movements. Sector rotation and portfolio rebalancing are expected to continue amidst anticipation of the consumer price inflation report for May 2024. Investors are advised to focus on stocks with strong fundamentals amid fluctuating trading volumes and investor sentiment.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:



More like this

Data Shows N1,117/Litre Landing Costs Push Nigeria’s Secret Subsidy Bill Higher

Rising landing costs for petrol are set to significantly...

Russian Employment Agencies Recruiting African Specialists

By Kestér Kenn Klomegâh With thousands conscripted into...

Nigeria’s Cyber Space Not Affected by Global IT Outage, ngCERT Reports

Lagos, July 19, 2024 (Naija247news) - The Nigeria Computer...
× How can I help you?