February 19, 2024/Futureview Research
How the Equities Market Performed Last Week
The Nigerian stock market started the week positively, with the NGX All Share Index (NGXASI) gaining 18 basis points (bps) on the first trading day, continuing the upward trend from the previous session. However, there was a slight slowdown of 33 bps in the following session before the market regained its bullish momentum for the remaining three trading sessions. The NGXASI
closed the week on a high note, increasing by 156 bps to reach 105,722.78 points. Overall, there were gains on four out of five trading days, with investor interest focused on major stocks such as GEREGU, BUAFOODS, AIRTELAFRI, and SEPLAT. This positive sentiment pushed the week-to-date growth to 3.79% and year-to-date growth to 41.39%, with the market capitalization rising by ₦2.01 trillion to ₦57.85 trillion by the end of the week.
During the week, 35 equities appreciated in price, an increase from the 20 equities in the previous week. On the other hand, 51 equities depreciated in price, a decrease from the 68 equities in the previous week, while 68 equities remained unchanged, slightly higher than the 66 recorded in the previous week.
Sector performance was mainly bullish, with three out of five indices experiencing gains. The NGX Consumer Goods Index led the advance with a 10.96% increase, followed by the NGX Oil & Gas Index at 5.25%, and the NGX Insurance Index at 2.66%. However, the NGX Industrial and NGX Banking indices saw declines of 1.83% and 1.34%, respectively.
The top gainers for the week included JULI, which rose by 45.54%, followed by GEREGU (+33.30%), and BUAFOODS (+20.82%). Conversely, the top decliners were MEYER (-18.96%), MORISON (-18.69%), and DEAPCAP (-14.29%).
Our Expectation for this Week
In this week, we anticipate a cautious approach in the trading session. We advise investors to invest in high-quality stocks with strong fundamentals backing them.
Kindly click here to download the Weekly Stock Recommendations from our Research team for this week 19th – 23rd February, 2024.
Also, see below the main events of the week from 19th – 23rd February, 2024.
