The Nigeria Exchange Limited (NGX) ended the month of June on a positive note as bulls dominated proceedings in the market on the 30th of the month.
The ASI (All share Market Index) appreciated by 0.71% to close at 37,907.28 and the Market cap increased by N138 billion.
Nestle Nig Plc led the 20 gainers against 16 losers to close the day, taking the market breadth to 1.25x, reflecting a bullish market. However, month-on-month, the Nigerian Exchange ASI depreciated by 1.38% from 38,437.88 points in May 2021 to 37,907.28 in June 2021.
The situation was largely brought about by investors continuing to short their investments in equities to take positions in the Fixed Income space where rates are rising, in a bid to take shelter from the onslaught of Nigeria’s inflation rates.
Despite the negative movement, 49 stocks appreciated while 40 stocks declined. This, however, is not unexpected as some investors will be looking to make cautious decisions to take advantage of low market prices and position themselves for the earnings season.
Listed below are the best 5 performing stocks in the month under review. These stocks were selected based on their price performance from month-to-date and represented by the percentage gained.
1. Morison Industries Plc – 48.94%
2. University Press Plc – 42.74%
3. Vitafoam Nig Plc – 40.00%
4. Linkage Assurance Plc – 40.00%
5. Honeywell Flour Mills Plc -38.02%
As we move into the month of July, we expect the investing public to react to a couple of market triggers.
• The release of Q2 earnings by companies;
• Inflation rates; and
• Bond market prices and yields.
Nairametrics advises caution and that investors seek professional advice when making buying decisions.