On the first business day of August, Nigerian stock markets closed strongly. On a cumulative basis, Nigerian stocks rose by 0.15%, led by MTN Nigeria and Julius Berger.
The all-share index closed at 38,604.72 index points up 57.64 basis points, while market capitalization closed at N20.114 trillion.
Nevertheless, a few stocks, such as Dangote Sugar, Oando, Presco, and WAPCO, posted some profit-taking.
As far as earnings are concerned, the market took a breather compared to Friday, when it was awash with a steady flow of reports in an effort to meet up with the July end date.
Within the next few days, we will receive the financial data for the Big 5 banks, which could determine the broader market’s trajectory.
Investors are expected to react to the late flurry of results that hit the market last week
As a result, we anticipate another tight trading week as investors continue to take profits off the table while other investors consider good entry points into large-cap banking stocks without their scorecards for the second half of 2021 yet to be published.
The market breadth, which measures investor sentiment, was negative, as 26 losers outnumbered 17 gainers.
Top 5 gainers
The N24.50 price of Julius Berger, which gained 8.89%, led gainers. In the process, NPF Microfinance Bank hit N1.89, up 8%.
Trading ended at N0.45 as Regal Insurance surged by 7.14%. Linkage Assurance increased by 6.67% to N0.64. Mutual Benefits rounded out the top five, rising 5.41% to N0.39.
Top 5 Losers
Losers included Eterna, which declined by 10% to close at N6.39. N1.58 was the closing price for Neimeth, down 9.71%. Triple Gee fell to N0.90, losing 9.09%
An 11.4% decline in Dangote Sugar was recorded at N17.50. N21.75 was the close price for WAPCO, a decline of 5.08%.