Nigerian stocks retain bullish sentiments with N98bn profit

Equities

Bullish sentiments were sustained on the local bourse at the start of the week, as interest in MTN Nigeria (2.0 per cent), WAPCO (6.3 per cent) and FBNH (3.9 per cent) drove the ASI to its seventh consecutive gain. Thus, the benchmark index rose by 0.72 per cent to 26,507.84 basis points after gaining 188.5 points. Consequently, the Month-to-Date (MtD) gain increased to 4.7 per cent while the Year-to-Date (YtD) loss moderated to -1.3 per cent. This development amounted to a gain of N98 billion which is an extension of…

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Nigeria’s stock market opens week with N55bn loss

Nigerian equities, market opens week with N55bn loss

The nation’s bourse resumed transactions for the week on Monday with a loss of N55 billion following sell pressure in some blue chips. Specifically, the market capitalisation which opened at N12.679 trillion lost N55 billion to close at N12.624 trillion. lso, the All-Share Index (ASI) dipped 105.76 points or 0.44 per cent to close at 24,200.60 compared with 24,306.36 achieved on Friday. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Mobil, MTN Nigeria Communications, Zenith Bank, Guaranty Trust Bank and Eterna. This…

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Equity market to sustain pullback in July; FSDH top stock picks

Equity market to sustain pullback in July

After a record-breaking month in March, which saw the equity market rally significantly as the All Share Index (ASI) gained 9.8%, June has been relatively soft in market movements but with a bearish bias. Month to date, the ASI is down 1.7%. The weak sentiment in equities was broad-based as all sub-indices trended lower during the month. We note that the lull in the market was very much in line with our call in our May note. However, despite the weakness, we observed an interesting technical trend as the ASI…

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