Nigeria’s stock market started the new month of July on a slightly positive note (+0.02 percent), thanks to stocks like Cutix which rose by 9.78percent or 22kobo, Caverton Offshore Support Group which increased by 9kobo or 8.82 percent and The Initiates which was up by 4kobo or 10percent.

As companies announce their closed periods in preparation for half year (H1) results, it is expected to further catalyse the market’s journey northwards as investors position for interim dividend.

Week-on-week (WoW), the market posted positive return of +0.24 percent or N67billion gain amid three (3) trading sessions of gains as against two (2) days of losses.

The week’s gain was driven by bargains in banking and insurance stocks despite profit taking in consumer goods, oil & gas, and industrial stocks.

Read also: CBN directs OFIs to comply with cyber security rules by January 2023

Related News

At the close of the week’s trading session on Friday July 1, the market’s positive return year-to-date (YtD) printed slightly higher at +21.33percent.

This came despite that last month saw more bearish trading sessions as investors traded cautiously following the Monetary Policy Rate (MPR) hike by the Central Bank of Nigeria (CBN) in May.

In June, some investors stayed on the sidelines anticipating more attractive rate in the fixed income (FI) space.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from week-open lows of 51,705.61 and N27.874trillion respectively to 51,829.67 points and N27.941trillion.

More from our Markets Column
Read Next
NGX-ASI up by 0.13% as Presco, Okomu, others rally

NGX suspends trading in shares of Ardova, C&I Ieasing, Mutual Benefit, 6 others 

By Iheanyi Nwachukwu • July 1, 2022

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp