• Sunday, February 25, 2024
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Market opens week on a positive note

Stocks lose N1.99trn in week ended February 23

Nigeria’s equities market rose by 0.17 percent on Monday, November 27 as investors bought shares of FBN Holdings and others that occupied the league of advancers at the close of trading. Investors gained about N133 billion. The market’s year-to-date return increased to +39.22 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated from 71,230.48 points and N39.173 trillion respectively to
71,353.81 points and N39.040trillion.

Read also: Market up further by 0.19% as large cap stocks dictate direction

In 9,267 deals, investors exchanged 746,666,594 shares worth N5.945billion.

“Looking into this week, we project mixed sentiments toward listed corporates. We see the ASI looking to form support between 69,215pts and 70,000pts.

Read also: Equities market drops by 0.42% in week ended October 20

“This is because we see some respite with the RSI currently trending above the overbought region, with some investors projected to continue booking some profit; albeit mild.

“On a broader note, we still see sustained buy interest toward the Banks and other fundamentally sound stocks with strong 9M-2023 performance and pending corporate actions,” said Lagos-based analysts at United Capital.