Gains in bellwethers sustain investors’ sentiment as NGX-ASI grew 1.36%w/w

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Transactions on the Nigerian Equity Market closed w/w on a positive trajectory, as bullish dominated four out of the five trading sessions.

This we believe was triggered by investors’ buy-interest in bellwether such as MTNN and DANGCEM plan to renew the share buyback programme.

Equities Market Update: Is there still fuel in the tank?
Afolabi Sotunde Illustration Naira

Consequently, the Market Indicators (NSE-ASI and NSE Market Capitalization) increased by 1.36% w/w to close for this week at 39,834.42 absolute points and N20.85 trillion compared to 39,301.82 absolute points and N20.57 trillion last Friday. This nominally translates to a week-on-week gain of N278.73 billion in Market Capitalization value.

Three of the five major sectors closed positively, led by the Insurance Sector (+3.80%), Industrial Sector (+2.86%), and Oil and Gas Sector (+1.30%), while the Banking and Consumer Goods Sector closed negatively with a percentage decrease of -2.09% and -0.02% respectively.

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ROYALEX emerged best performing stock this week with a w/w gain of +47.22%, while HONYFLOUR shed -17.14% to emerge as the top loser.

A total turnover of 1.44 billion shares worth N10.88 billion in 19,614 deals was traded this week by investors on the floor of the Nigerian Stock Exchange as against a total of 1.60 billion shares worth N42.14 billion in 19,507 deals.

Read Also:  ​NSE, KPMG Highlight Implications of the Finance Act 2019 on Capital Market

Thirty-six (36) equities appreciated during the week, lower than thirty-nine (39) equities in the previous week. Forty-one (41) equities depreciated, higher than twenty-four (24) in the previous week, while eighty-five (85) remained unchanged, lower than ninety-99 (99) equities recorded in the previous week.

Outlook

We expect mixed sentiment in the coming week, amidst profit-taking from the recent price appreciation, however, the decline in the banking sector could trigger buy sentiment despite mixed Q1’2021 performance.

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