Improved corporate earnings by tier-one banks in the first quarter of 2021 stimulated activities on the Nigerian Exchange Limited , last week, with the all-share index and market capitalisation appreciating by 1.36 per cent to close the week at 39,834.42 and N20.847 trillion respectively.
The Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion said: “We expect the mixed and positive trend to continue as investors continue reacting positively to impressive Q1 figures in expectation of more earnings reports in the market this period besides the profit-taking, even in the face of rising virus cases across the globe and high yields in fixed income space.
A review of market performance last week showed that gains recorded by most blue-chip stocks, especially Nigerian Breweries and Fidson lifted transactions on the NGX on Monday, as market capitalisation appreciated by N9 billion. The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank, University Press, Zenith Bank, Sterling Bank and Honeywell Flour Mill.