Business

Stock market kicks off July with slight gain



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

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.



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