Equities Market In N7.46bn Recoup After Weeklong Losses
CHUKWUMAH KELECHUKWU
Equities investors on Nigerian Stock Exchange (NSE) recouped N7.46billion on Monday, July 8, giving some respite to the bleeding market which lost over N303billion in a weeklong bearish trade last week ended July 5.
Buy interest in the shares of FLOURMILL, FBNH, WEMABANK which appreciated by +10.0%, +2.4% and +8.2% in that order lifted the market capitalisation by N7.46bn to N12.909trillion up from N12.901trillion last Friday.
Similarly, the All Share Index rose 0.6 percent to 29,287.87 points from 29,270.95 points. Market gain was further strengthened by gains recorded by MTN Nigeria which appreciated +0.5%. Thus, the month-to-date and year-to-date losses moderated to 5.69 percent and 6.78 percent respectively.
Across sectors, performance was bullish as four out of six indices closed higher. Price appreciation in NEM (+5.6%) and WAPIC (+7.5%) drove a 1.0 percent gain in the Insurance index.
In the same vein, the Consumer Goods and Industrial Goods indices advanced 0.2 percent and 2bps respectively due to gains in FLOURMILL (+10.0%), NASCON (+3.3%), CADBURY (+4.1%) and CUTIX (+7.1%).
On the flip side, the Banking index lost 0.1 percent due to sell pressures in ZENITH (-0.8%), GUARANTY (-0.5%) and FCMB (-1.9%) while the Oil & Gas index declined 1.4 percent on the back of losses in FORTE (-10.0%) and TOTAL (-5.4%).
A total of 17 stocks advanced against 14 that declined. The top performing stocks were FLOURMILL (+10.0%), UNITY(+9.7%) and REDSTAREX (+9.1%) while FORTE (-10.0%), GLAXOSMITH (-9.8%) and TOTAL (-5.4%) led the laggards. Notwithstanding market performance today, we maintain a bearish outlook on the equities market.
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