109bps to close at 44,492.73 points. Stocks such as FBNH (+377bps), GTCO (+237bps), INTBREW (+6255bps), MTNN (+479bps), NB (+10.00%) and OANDO (+306bps) drove the market higher. On the other hand, investors were less enthused by banks such as ACCESSCORP (-241bps), FMCB (-122bps) and UBA (-69bps), although these did little to dampen the positive sentiment in the market, which closed the week 119bps higher w/w. Market activity also rebounded, as volume traded improved by 50% to 146.6 million units, while market turnover rose by 46% to ₦1.23 billion. Market breadth turned positive as well, after 23 stocks closed in the green, while 11 closed red for a 2.09x figure.
From the trader's desk...
The market turned green in today's session, as investor's bought up stocks across three major sectors. The NGX rose
What will shape the market tomorrow?
After several sessions of fluctuating activity this week, positive sentiment ultimately prevailed in the market for a positive close. Next week, we anticipate a slightly bearish start, as investors take profit on some of this week's gainers.
Stocks to Watch
On the bid Cart: NB finished the week at the top of the gainer's chart, rising 10.00% to close at ₦41.25. The brewery stock is down 17.50% YTD.
On the Offer Cart: Insurance stocks WAPIC, REGALINS, SOVRENINS and MBENEFIT all finished the session on the top loser's chart. Despite this, the sector still finished the day 17bps higher. The sector has lost 21.73% YTD.
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