Wednesday, July 28, 2021

    Local Equities Market Index Moderates by 0.57% amid Renewed Profit Taking…

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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 was
    positive in the market for the first three
    consecutive days of trading as investors sought for bargains on banking and oil/gas stocks.

    Nevertheless, the market eventually turned
    bearish as investors took profit, especially on UBA shares.

    Given the bearish sentiment in the last two days of trading week, the NSE ASI moderated week-on week by 0.57% to close at 37,994.19 points while the YTD loss of the local bourse rose to -5.65%.

    On a positive note, sectoral performance was positive as four out of the five indices tracked closed in the green.

    The NSE Oil/Gas index rose by 6.53% to close at 331.60 points, followed by the NSE Banking, NSE Insurance and the NSE Industrial indices which expanded by 3.29%, 0.17% and 0.19% to 382.94 points, 203.68 points and 1,929.59 points respectively.

    On the flip side, the NSE Consumer Goods fell by 0.32% to 599.04 points.

    Meanwhile, trading activity was mixed as total deals and volume of stocks traded expanded by 22.86% and 32.02% to 21,581 deals and 1.34 billion units; however, the value of stocks traded moderated by 14.17% to N12.14 billion respectively.

    In the new week, we expect the equities market to trade positive as investors position ahead in stocks which are expected to pay interim dividends amid increased financial liquidity from the maturing bonds.

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