Local stock market rises 0.4% (WoW) amid earnings

Last week, the Nigerian stock market closed in green territory despite investors taking profits on the stock market.

The All-Share Index and the Nigerian Exchange Limited (NGX) market capitalization rose 0.36% to close the week at 47,437.48 basis points and 25.566 billion naira respectively.

Specifically, gains in Presco, Guaranty Trust Holding Company (GTCO), International Breweries and Okomu Oil stocks pushed the benchmark higher as their prices rose 19.6%, 3.9%, 4.0% and 3.7%, respectively.

Based on the above, the return since the beginning of the month (MTD) turned positive by +0.1%, while the return since the beginning of the year (YTD) increased to +11.1%. .

Similarly, all other indices ended higher except for NGX Consumer Goods, NGX Oil/Gas and NGX Industrial Goods, which depreciated by 0.52%, 2.22% and 0.13% respectively. while NGX AseM, NGX Growth and NGX Sovereign Bond indices closed flat.

Activity levels mirrored the overall market gauge, with traded volumes for the week jumping 103.7% while trade value edged up 0.3%.

Specifically, a total turnover of 2.798 billion shares worth N23.859 billion in 22,970 trades was traded last week by investors on the Stock Exchange floor, as opposed to a total of 1.374 billion shares worth N23.786 billion which exchanged hands in 28,809 offers.

Data from the local stock exchange indicated that the financial services industry, measured by volume, topped the business chart with 2.398 billion shares valued at N14.030 billion traded in 11,900 transactions; thus contributing 85.69% and 58.80% respectively to the volume and value of the total turnover of the shares. The conglomerate industry followed with 73.381 million shares worth N305.944 million in 996 deals. Third place was the consumer goods industry, with turnover of 60.832 million shares worth N3.087 billion in 2,707 transactions.

Last week, FCMB Group Plc, Unity Bank Plc and FBN Holdings Plc were among the top three stocks traded on the Exchange floor. They accounted for 1.633 billion shares worth N5.486 billion in 1,395 transactions, contributing 58.36% and 22.99% to the total share turnover volume and value respectively.

This week, analysts expect market performance to be dominated by bulls, as yield-seeking investors take positions in stocks offering attractive dividend yields amid negative real yields in the market. fixed income securities.

“However, we do not rule out intermittent profit-taking activities. Overall, we advise investors to only look for trading opportunities in fundamentally justified stocks, as the weakness in the macro story remains a significant headwind for corporate earnings,” Cordros said in his report.

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