In the just concluded week, the Lagos bourse closed southwards amid sustained profit taking activity.
Specifically, the NSE ASI moderated by 0.08% week-on-week to 24,287.66 points.
Similarly, most sub-sector gauges closed
negatively, save NSE Industrial index which rose by 0.52% to close at 1,099.97 points. The NSE Banking index led the laggards having
plummeted by 3.92% to 272.10 points; while the NSE Insurance index, NSE Consumer Goods index and NSE Oil/Gas index dropped by 1.88%, 1.93% and 1.93% respectively to 132.33 points, 405.78 points and 191.12 points respectively.
Meanwhile, market activity was mixed as total deals and Naira votes fell by 3.13% and 44.17% to 18,091 deals and N7.34 billion respectively.
However, transaction volumes rose by 12.65% to 0.10 billion shares.
During the week, investment bank, United Capital Plc, printed 37.26% and 15.98% year-on-year growth in gross income and profit after tax respectively in H1 2020.
In the new week, we expect the domestic equities market to appreciate as investors take advantage of some fundamentally sound stocks with good dividend yields.
Nevertheless, we advise our clients to trade cautiously amid anticipated H1 2020 financial reports which we feel will show mixed performance.