Buyers Lose N26bn On Revenue-taking Actions

Buyers Lose N26bn On Revenue-taking Actions
Nigerian Stock Exchange
Nigerian Inventory Alternate


FIRS

The equities market closed the primary buying and selling week of the 12 months on a unfavourable zone with buyers recording N26 billion losses.

The event is opposite to analysts’ prediction that the bullish pattern the market took in direction of ended 2022 can be sustained within the new week.

They’d opined that positioning for the 2022 full 12 months company monetary outcomes releases would maintain a bullish outlook regardless of the pre-election considerations.

Nonetheless, sell-offs in some heavy weights dragged the market down regardless of closing within the inexperienced territory in three of the 4 buying and selling periods in the course of the week.

Consequently, the benchmark All Share Index (ASI) closed decrease at 51,222.34 factors from 51,251.06 factors at first of the week, thus representing a 0.06 p.c decline.

Equally, the market capitalisation of all of the listed equities fell by N26 billion or 0.09 p.c to shut at N27.899 trillion from N27.915 trillion at first of the buying and selling week.

Exactly, selloffs of Airtel Africa Plc (-5.2%) and BUA Cement Plc (-1.8%) amid bargain-hunting in BUA Meals Plc (+14.6%) and Nigerian Breweries Plc (+14.6%) drove the weekly loss.

Resultantly, the Yr-to-Date (YTD) return closed at -0.1 p.c.

Analysing the exercise ranges, the entire quantity traded declined by 51 p.c to 921.856 million models from 1.880 billion models within the earlier week, whereas the entire worth traded elevated by 43 p.c to N27.154 billion from N18.988 billion within the earlier week.

Evaluation of the sectoral exercise confirmed that except for the economic items sector, which decreased by 0.6 p.c, all different sectoral indices — client items (+6.4%), banking (+4.3%), insurance coverage (+2.7%), and the oil and gasoline (+0.1%) sectors – recorded positive factors.

Of their projections for the week, analysts at Cordros Capital, stated: “ We imagine positioning for 2022 full 12 months earnings releases and accompanying dividends declarations will proceed to assist shopping for actions on the native bourse whilst institutional buyers proceed to seek for clues on the path of yields within the mounted earnings (FI) market.

naija news 24

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