The Business NG - August 05, 2024

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Sentiment Report For this week; NGXASI Sees Mixed Sentiment

The NGXASI saw a mixed sentiment this week, with 43% of stocks recording buy sentiments and 57% recording sell sentiments. The volume index stood at 1.39, while the MFI (Money Flow Index) was at 78.52D.
In a surprising turn of events, Academy topped the gainers' chart with a 100% buy sentiment, followed closely by Accorp with a 53% buy sentiment. Cutix and CWG also saw significant buy sentiments, with 70% each. Fidelity rounded out the top gainers with a 100% buy sentiment.
On the other hand, Cileasing saw a mere 8% buy sentiment, making it the biggest loser of the week. CHH and Daar also saw significant sell sentiments, with 15% and 33% respectively. Jagold and UPDC rounded out the bottom five with 25% and 10% buy sentiments respectively.
In other news, Zenith Bank announced a N290bn fresh capital raise through a public offer and right issue on July 29, 2024. This move is expected to boost the bank's capital base and support its growth plans.
However, not all banks fared well this week. Sterling Bank and Stanbic IBTC Holdings faced significant challenges as their share prices plummeted.