Bears Resurface as Investors Cherry-pick; ASI Retreats by 0.18% Weekly

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The stock market experienced a volatile week, closing with a bearish sentiment as the benchmark index reversed last week’s gains, retreating by 0.18% to 99,743.05 points. Investors continued to rebalance their portfolios, seeking high returns amidst mixed economic data from Nigeria. Consequently, the market capitalisation of listed equities decreased by 0.18% week-on-week to N56.42 trillion, reflecting the market’s mixed sentiment and active trading. Equity investors lost N103.08 billion in two out of the three trading sessions this week, with the year-to-date return standing at 33.39%.

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Despite the overall decline, trading activities showed positive momentum. The total traded volume increased by 25.4% week-on-week to 3.30 billion units, and the total weekly traded value surged by 21.8% to N53.16 billion. However, the number of trades decreased by 18.3% to 27,536 deals.

Sectoral performance was mostly positive, with the NGX-Consumer Goods, NGX-Oil & Gas, and NGX-Industrial Goods indices leading the gains with increases of 0.29%, 0.21%, and 0.10%, respectively. Stocks like GUINNESS, PRESCO, ETERNA, CHAMPION, CUTIX, and TOTAL contributed to these gains. Conversely, financial stocks faced sell pressure, with the NGX-Insurance and NGX-Banking indices losing 1.31% and 0.04%, respectively, due to negative price movements in VFDGROUP, FBNH, AIICO, FIDELITYBNK, and MANSARD.

Top performers for the week included VERITASKAP (+64%), CHAMS (+56%), GUINNESS (+41%), DEAPCAP (+40%), and PRESCO (+34%), driven by positive activities. On the other hand, VFDGROUP (-80%), MAYBAKER (-14%), ETRANZACT (-11%), INTENEGINS (-10%), and NASCON (-10%) were the top losers due to negative investor sentiment.

Looking ahead to next week, we expect mixed sentiment in the local bourse, driven by low valuations and portfolio repositioning for value stocks. As trading volume patterns fluctuate, suggesting buying interest in some sectors and profit-taking in others, investors are advised to focus on stocks of companies with strong fundamentals.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://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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