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Nigerian Exchange Ends Negative as Investors Book Profit |Blissful Affairs Online

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Nigerian Exchange Ends Negative as Investors Book Profit

Nigerian Exchange Ends Negative as Investors Book Profit

The Nigerian Exchange (NGX) ends the week on a negative note as investors’ book profit for second trading sessions amidst global rout. Based on market performance, analysts observed that the last two trading sessions of the week completely wiped off the week’s gains and pushed the market into the red.

As the market closed for the week, the All-Share Index fell below the 38,000 psychological marks, as it declined by 0.6% week on week to 37,994.19 points.

Meanwhile, today’s negative sentiments on the NGX was driven by price decline in medium and large capitalized stocks such as ZENITH BANK, FIDELITYBK, AIRTELAFRI, WEMA, FCM, VITAFOAM, STERLINBANK and others.

NGX
However, stock market breadth marginally turned positive, with 22 gainers versus 21 laggards while activities closed on a higher note with the volume and value of stocks traded on the exchange appreciating by 1.16 per cent and 4.85 per cent.

A total of 241 million units of shares valued at N2.70 billion, were traded in 3,819 deals. GTCO led the volume chart, accounting for 12.83 per cent of the total volume of trades, followed by COURTVILLE (9.18%) CHAMS (4.97%) FIDELITYBK (4.76%), and TRANSCORP (4.53%) to complete the top five on the volume chart.

GTCO led the value chart accounting for 33.63 per cent of the total value of trade. On the other hand, FTNCOCOA, JOHNHOLT and UNITYBNK led the gainers’ chart, with their share prices advancing by 9.68 per cent, 8.96 per cent, and 7.27 per cent, respectively.

AIRTELAFRI topped the losers’ table with its share price depreciating by 9.99 per cent to close at N667.70 after opening the day at N601.00.

Overall market performance across sectors was broadly positive, as the Oil & Gas (+6.5%) index topped the gainers’ chart trailed by the Banking (+3.3%), Industrial Goods (+2.2%) and Insurance (+2.2%) indices.

The Consumer Goods (-0.3%) emerged as the week’s sole loser.

“With the moderation in the prices of bellwether stocks this week, we expect savvy investors to take advantage of this and make re-entry ahead of their H1-21 earnings announcement.

“However, we do not rule out the possibility of continued profit-taking activities. As a result, we think the local bourse will likely exhibit a zig-zag pattern. Therefore, we advise investors to take positions in only fundamentally justified stocks”, Cordros Capital said in an email sent to clients.

Nigerian Exchange Ends Negative as Investors Book Profit

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