Nigeria’s All Share Index Hits 100K Mark, Gains 0.32% Amidst Moderate Trading

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The Nigerian Stock Exchange’s All-Share Index (ASI) surged to the 100,000 milestone, marking a 0.32% increase amidst subdued trading activity. Following a positive month-end performance with a 0.76% rise in June, the index saw renewed investor interest driven by fund managers’ window dressing activities. This week’s trading session witnessed upward movement, halting a three-session bearish trend despite low trading volumes.

Investor sentiment was buoyed as the ASI closed the week at 100,057.49 points for the first time since mid-April 2024, with both small and large-cap stocks seeing increased positioning ahead of the half-year reporting season. Market capitalization also rose by 0.32% week-on-week to N56.60 trillion, despite overall tepid market sentiment and reduced trading activity.

Investors gained N178.05 billion from two of the week’s five trading sessions, bringing the year-to-date return to 33.81%. However, trading volumes fell by 19.69% to 2.65 billion units, and total traded value decreased slightly by 5.98% to N49.98 billion compared to the previous week. On a positive note, the number of trades increased by 51.11% to 41,610 deals.

Sector performance varied, with gains in the Oil & Gas and Insurance sectors leading positive movements, while the Consumer Goods and Industrial Goods sectors experienced declines due to specific stock movements. Stocks like UCAP, MBENEFIT, and SEPLAT contributed significantly to sector gains, while JAIZBANK, DAARCOMM, and CHAMPION recorded losses amidst negative investor sentiment.

Looking forward, the market anticipates a strong start to the new trading quarter, driven by earnings reports and interim dividends, particularly from the banking sector. Bargain hunting and portfolio adjustments are expected to shape market dynamics as investors position themselves ahead of second-quarter results and the latter half of the year, emphasizing stocks with robust 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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