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First-half earnings will dictate stock market sentiment this week

First-half earnings will dictate stock market sentiment this week


Equity investors should focus on earnings season as more companies release their half-year results over the weeks.

Analyst Optimism

According to Cordros Securities Limited, in the meantime, we believe the full swing of the H1-22 earnings season will dictate market sentiment and possibly lead to positive performance as investors seek bargains in fundamentally sound stocks. with a consistent history of interim dividend payments.
Nonetheless, we expect intense selling pressure on the stocks of companies that will significantly underperform in H1-22. Overall, we reaffirm the need to position ourselves only in fundamentally sound stocks, as the weak macro environment remains a significant headwind for corporate earnings, he said.
In the new week, analysts at Cowry Assets Management Limited expected the market to trade in mixed sentiment as the unimpressive macro story remains a headwind to market performance for now amid continuous publications of results. Additionally, we continue to advise investors to trade in stocks of companies with strong fundamentals and a positive outlook.

On the market outlook, GTI Securities Limited noted that the equity market closed the last trading day of last week in positive territory; despite the massive sales seen during the week. This is likely due to the positive sentiment generated by the recent release of corporate financial statements for the second quarter. We expect investors to continue to react as more companies disclose their second-quarter performance in the coming weeks, he said.

Commercial activities of the last weeks

Bearish sentiments persisted in the local stock market for the second straight week as profit-taking activity dominated market performance, with the benchmark posting losses in four of the five trading sessions last week.
Notably, the All-Share Index ended last week down 3.10% to close at 50,370.25 points. Similarly, market capitalization depreciated by 868 billion naira to close at 27.163 billion naira.

Specifically, sales of shares in MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Nestle Nigeria and Guaranty Trust Holding Company (GTCO) drove the weekly loss.
Sector performance was negative. The insurance index lost 5.0% week-on-week. The consumer goods index posted a weekly loss of 4.6%, while the oil and gas index fell by 1.0% WoW.
Additionally, the Banking Index lost 0.4% WoW, while the Industrial Goods Index lost 0.2% for the week. Market breadth for the week was negative as 11 stocks appreciated, 53 stocks depreciated, while 92 stocks remained unchanged. Nigerian Aviation Handling Company (NAHCO) led the winners chart by 9.09% to close at N6.00, per share. Union Bank of Nigeria (UBN) followed with a gain of 7.84% to close at N5.50, while UPDC Real Estate Investment Trust was up 4.41% to nearly N3.55, per share.
On the other side, PZ Cussons Nigeria led the decliner chart by 18.27% to close at N8.50 per share. Wema Bank followed with a loss of 17.54% to close at 3.29 naira, while Ikeja Hotel fell 17.09% to close at 97 kobo, per share.
Overall, a total turnover of 1.546 billion shares worth N16.289 billion in 23,873 transactions was traded last week by investors on the floor of the Stock Exchange, in contrast to a total of 917.190 million shares worth N14.803 billion traded in the previous week. in 19,513 transactions.
The financial services sector (measured by volume) topped the business chart with 1.192 billion shares valued at N5.978 billion traded in 11,996 deals; contributing 77.11% and 36.70% respectively to the volume and value of the total share turnover. The conglomerate industry followed with 102.969 million shares worth N236.618 million in 858 deals, while the consumer goods industry traded a turnover of 102.937 million shares of worth N2.616 billion in 3,167 transactions.

Trading in the top three stocks, namely International Energy Insurance, Transcorp Hotels and Zenith Bank (measured by volume), accounted for 798.900 million shares worth N2.602 billion in 3,110 trades, contributing 51 .69% and 15.98% to total share turnover volume and value respectively.

Sources

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2/ https://leadership.ng/h1-earnings-to-dictate-stock-market-sentiments-this-week/

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