Saturday, July 24, 2021

    Equities Market Index Rebounds by 1.47% amid Renewed Bargain Hunting…

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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, sentiment turned positive in the market as investors hunted for bargains on dividend paying and stocks with good fundamentals as the half year earnings season approaches.

    Hence, the NSE ASI increased week-on week by 1.47% to close at 38,212.01 points while the YTD loss of the NSE ASI fell to -5.11%.

    Breakdown across sector gauges indicated that four out of the five sub-indices tracked closed in the green zone; the NSE Consumer goods index led the gainers by 5.14% to close at 600.96 points buoyed by buy pressure on NESTLE and FLOURMILL.

    Similarly, the NSE Banking, NSE Insurance and the NSE Industrial indices advanced by 1.34%, 2.04% and 2.10% to 370.73 points, 203.33 points and 1,925.96 points respectively.

    On the flip side, the NSE Oil/Gas index moderated by 1.05% to 311.28 points. Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded expanded by 2.33%, 1.48% and 36.94% to 17,565 deals, 1.02 billion units and N14.14 billion respectively.

    In the new week, we expect the equities market to trade northward as investors position ahead in stocks of fundamentally sound companies which are also expected to pay interim dividends.

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