Profit booking plunges local stock market by 0.13%

At the end of trading activities last week, the Nigerian Exchange Limited (NGX) maintained bearish momentum as investors continued to withdraw profits from their shares.

Despite recording a bearish trade in the early days of the week, some positive momentum was seen towards the end of the week as few companies released their audited financial report for the year se ending in 2021.

As a result, by the end of Friday’s trading sessions, investors had lost 29.46 trillion naira over the week, with the market capitalization standing at 25.41 trillion naira.

As a result, the All-Share Index (ASI) edged down 0.13% week-over-week (WoW) to close at 47,140.48 basis points. Thus, the monthly cumulative return (MtD) and cumulative annual return (YtD) stood at +1.1% and +10.4%, respectively.

Notably, profit taking on Seplat, Guaranty Trust Holding Company, Access Bank, Airtel Africa and Dangote Cement led to the weekly loss as their share prices closed down 5.9%, 1.5%, 1, 4%, 0.9% and 0.5%. hundred respectively.

However, all the other indices ended higher except for NGX Premium, NGX Banking, NGX AFR Bank value, NGX Oil & Gas and NGX Industrial Goods which depreciated by 0.29%, 0.74%, 0 .86%, 3.45% and 0.32% respectively while the NGX Main Board, NGX Asem, NGX Growth and NGX Sovereign Bond indices closed flat.

However, activity levels were stronger last week than the previous week, with trade volumes and value increasing by 28.7% WoW and 35.5% WoW respectively.

A total turnover of 1.713 billion shares worth N30.764 billion in 24,767 transactions was traded by investors on the stock exchange floor, unlike a total of 1.331 billion shares of worth N22.7 trillion which exchanged hands in 27,822 transactions in the previous period. week.

The financial services sector, measured by volume, topped the business chart with 1.064 billion shares valued at N12.201 billion traded in 11,708 deals; thus contributing 62.14% and 39.66% respectively to the volume and value of the total turnover of the shares.

The consumer goods industry followed with 156.077 million shares worth N5.004 billion in 4,877 transactions. Third place was The Conglomerates Industry, with turnover of 113.554 million shares worth N309.833 million in 1,062 transactions.

Access Bank Plc, Guaranty Trust Holding Company Plc and Fidelity Bank Plc were the top three stocks traded during the week under review. They accounted for 500.778 million shares worth N7.455 billion in 3,603 transactions, contributing 29.23% and 24.23% to total share turnover volume and value, respectively.

In the coming weeks, analysts expect the NGX floor to be awash with corporate earnings as more companies release their audited full-year 2021 results, along with dividend declarations.

Accordingly, analysts at Cordros believed this would provide a catalyst for buying activity, although risk-averse investors should remain cautious amid medium-term expectations of higher fixed-income yields.

Cowry Assets also expects the stock market to be bullish as companies that have opted for the 60-day deposit option have started reporting their audited results for fiscal year 2021 with boosting dividend payouts.


We haven’t had a water supply for months ― Residents of Abeokuta

Despite the huge investment in the water sector by the government and international organizations, water scarcity has become a permanent nightmare for the people of Abeokuta, the capital of Ogun State. This report chronicles the lives and experiences of residents in obtaining clean, safe and affordable water amid the surge in COVID-19 cases in the state… BBNaija 2020 roommate. BBNaija 2020 roommate

Chinese Selfies, Video Calls and Documentaries: What You’ll Meet on the Lagos-Ibadan Train

The Lagos-Ibadan Railway was inaugurated recently for fully paid operation by the Nigerian Railway Corporation after about a year of free trial. Our reporter joined the round trip train from Lagos to Ibadan and recounts his experience in this feature… BBNaija 2020 roommate. BBNaija 2020 roommate