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Equity market gains N325bn in July

•Corporate earnings bolster buying interests

 

Equity trading on the floor of the Nigerian Exchange Limited (NGX) ended the month of July 2021 on an impressive note, as investors continue to increase their buying pressure, especially on blue-chip stocks.

 

Positive sentiments had returned to the local bourse as the gradual release of H1 corporate earnings bolstered buying interests in dividendpaying stocks.

Available statistics to Sunday Telegraph showed that activities on the NGX which opened the trading month at N19.760 trillion in market capitalisation and 37.907.28 in index at the beginning of trading on July 1, 2021, closed the month at N20.083 trillion and 38,547.08 index points, hence has earned a month to date gain of about N325 billion or 1.7 per cent.

 

Market analysts believed the renewed sentiment in the local bourse market had also grown following crave to increase capital gains on the back of low prices of stocks, owing to upset in the financial market, arising from the spread of the pandemic and sharp drop in oil price.

Accordingly, the MTD return moderated to +1.7 per cent, while the YTD loss increased to -4.3 per cent.

Activity levels last week were stronger than the prior week, as trading volume and value rose significantly by 53.8 per cent w/w and 125.8 per cent w/w, respectively. Sectoral performance according to market analysts was broadly negative, following declines in the Industrial Goods, which lost- 1.3 per cent,

 

Insurance with a loss of -1.1 per cent and Banking that shed -0.9 per cent in indices, and gains in the Oil and Gas with +3.8 per cent and Consumer Goods+0.1 per cent gain in indices.

Analysts at Codros Capital, reacting to the development said: “We believe investors will digest the flurry of earnings released this week to gauge the extent of improvement in company’s fundamentals given the tepid recovery in macroeconomic conditions.

“As a result, we expect portfolio rebalancing activities into cyclical stocks and positioning in dividendpaying stocks to shape market performance in the week ahead.

With the MPC meeting out of the way, we believe developments in the macroeconomic landscape and corporate actions will shape the direction of the local bourse”

 

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