Equity market sustains bullish trend with N673bn gain

the Nigerian equity market continued its bullish trend, with investors gaining N673 billion. The market capitalization of the exchange and the All-Share Index rose by 1.30%, settling at N52.408 trillion and 95,768.12 basis points, respectively.JAMB Result

Despite the positive trading, market participation saw a decline, with the volume and value of traded units dropping by 14.52% and 4.23% to 721,813,844 units and N14.407 billion, respectively. The market sentiment was negative, with 47 losers and 24 gainers.

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Cowry Assets analysts had earlier projected a possible pullback in the short term, based on the ASI’s current movement pattern, indicating that the market was persistently in the overbought region. As the market continues to evolve, investors will closely monitor trends and indicators to make informed decisions.

Reacting, Managing Director/Chief Executive Officer, Kapital Care Securities Ltd, Andrew Tsaku, dismissed the projections as a usual development in the market.NYSC Portal

He said, “We have continued to see growing interest beyond an average pundit’s postulation at the start of the year, with burgeoning effect in spiral prices of fundamentally sound stocks with lingering effects on the less cherished ones alike, a case of bandwagon effect!informationguidenigeria

“For the first time in a long time, our listed stocks are having a better and more realistic reflection of their intrinsic values. I remain unperturbed with the current posture of the market and would rather relish it because I expect the market to still grow towards an index of 100,000 before there may be a ‘normalisation’.JAMB Portal

“Fundamentally sound stocks will maintain their poise, but riders-on may catch a cold at some point when the curve turns. However, in a rising market, one must ‘sit and watch over your Eggs’ because you do not know when the curve will turn and you sure do not want to be caught napping, when you ought to ‘watch and pray.’”