Investors’ interest in consumer goods and industrial stocks pushed equities’ value higher by ₦182 billion in the four-day trading week that ended on Friday, May 2.
Nigeria’s stock market rose by 0.27 per cent in the review week following three days of positive closes as against a day of negative close.
In the review week, investors took profit in banking, insurance and oil & gas stocks. Despite the week’s mixed trading sessions, the market’s year-to-date (YtD) returned stood higher at +3.03 per cent, BusinessDay reports.
“We will continue to closely monitor the market for compelling entry points into fundamentally sound stocks, particularly in anticipation of Q1’25 earnings releases,” CardinalStone Research analysts said in their April 28 note.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved from preceding week’s close of 105,752.61 points and ₦66.465 trillion respectively to 106,042.57 points and ₦66.647 trillion.
Also, analysts at Vetiva Research said in their April 30 note that, “While earnings have provided some upside fuel, the decline in volume and sectoral pullbacks signal a potential shift toward profit-taking.”
“Investors may adopt a cherry-picking approach, focusing on tickers yet to fully price in Q1’25 results,” they added.