Monday, July 26, 2021

    Local Equities Market Index Sheds 2.56% amid Sustained Profit Taking Activity…

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    In the just concluded week, the equities
    market sustained its weak performance amid
    investor apathy.

    Specifically, sell pressure on
    bellwethers dragged the benchmark index
    lower; hence, the NSE ASI declined week-on
    week by 2.56% to close at 37,658.26 points
    while the YTD loss of the local bourse
    worsened to -6.49%.

    However, sectoral
    performance was mostly bullish as three out of the five indices tracked closed in the green zone; the NSE Banking, NSE Consumer Goods and the NSE Oil/Gas indices advanced by 0.92%, 0.57% and 0.12% to close at 365.83 points, 571.60 points and 314.58 points respectively.

    On the flip side, the NSE Insurance and the NSE Industrial indices fell by 0.83% and 3.33% to close at 199.26 points and 1,951.41 points respectively.

    Meanwhile, trading activity was mixed as total deals and volume of stocks traded rose by 14.43% and 2.53% to 17,165 deals and 1 billion units respectively; albeit, the value of stocks fell by 0.52% to N10.32 billion.

    During the course of the week, the entire 29,431,179,224 issued shares of GTB were delisted from the Daily Official List of the Nigerian Exchange Limited (NGX) on June 24, 2021, while GT Holdco’s entire issued share capital of 29,431,179,224 ordinary shares of 50 Kobo each were listed on the Daily Official List of NGX on the same date.

    In the new week, we expect the equities market to trade positive as investors position in stocks of companies likely to pay interim dividends.

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