Weekly market breadth positive at 2.08x
- In line with our expectations, the NSEASI+5.03% rebounded in the week, as bargain seekers took position on stocks.
- Total market cap closed at NGN14.01 trillion.
- Market breadth closed positive at 2.08x on improved sentiments.
- JAPAULOIL+40.91%, NASCON+17.89% and CILEASING+17.52% topped the weekly advancers’ chart while NPFMCRFBK-14.51% closed as top loser.
- Buying pressures were heavy, championed by the industrial goods sector.
- The oil and gas and insurance sectors closed underwater week on week.
Why stocks are up
- Following the losing streak witnessed in the month of May, investors sought comfort from opportunities to buy the dip.
- We however note the persistent negative sentiments towards emerging and frontier markets, and advise investors to remain cautious.
Banking Sector: 14 counters gain week on week
Positive sentiments returned to several stocks in the sector.
Investors were most bullish on FIDELITYBK+14.57% which saw the greatest price appreciation in the week.
The YtD return on the NSEBNK10 index settled at +2.99%.
Insurance Sector: Bearish sentiments prevail
Similar to the oil and gas space, the NSEINS10-0.61% index closed in the red.
The greatest sell-offs were noted on HMARKINS-12.90%.
The YtD return on the NSEINS10 index closed at +1.00%.
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