In line with earlier expectations, Nigeria’s equities market rallied by 1.47percent in the trading week ended Friday July 2 as more investors gradually take position in value counters ahead of their half-year (H1) scorecards.
Cumulatively, listed stocks value increased by N292billion. The year-to-date (Ytd) return of Nigeria’s equities market stood lower at -5.11percent at the close of the week’s trading session.
NGX 30, which tracks the top 30 companies in terms of market capitalisation and liquidity increased by 1.89percent; NGX Banking increased by +1.34percent, NGX Consumer Goods (+5.14percent), NGX Industry (+2.10percent), NGX Insurance (+2.04percent), NGX Oil & Gas (-1.05percent), and NGX Pension (+1.88percent).
Read also: Nigerian stocks lag African peers, but some superstars exist
Many listed companies have scheduled their board meetings to consider their financial statements for half year ended June 30. For the companies that are auditing their H1 results, issues relating to interim dividends may also be discussed at their meetings.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from 37,658.26 points and N19.627 trillion respectively at the beginning of the week to 38,212.01 points and N19.919trillion.
