In line with our expectation, the local equities market fell w-o-w by 0.02% as the bulls failed to displace the bears.
The overall market performance measure, NSE ASI, closed lower at 30,866.82 points while market capitalization only decreased by N2.68 billion to close at N11.26 trillion.
Reflective of the fierce contest between the bulls and bears, the five sector guages closed in mixed directions: NSE Insurance Index and NSE Industrial Index moderated by 3.06% and 2.08% respectively to 122.50 points and 1,218.68 points respectively; however, NSE Banking Index, NSE Consumer Goods Index and NSE Oil & Gas Index rose by 0.89%, 0.64% and 1.98% to 402.02 points, 739.70 points and 289.41 points respectively.
Elsewhere, market value, traded volumes and total deals fell w-o-w by 21.61%, 7.65% and 8.91% to N11.19 billion, 1.11 billion shares and 14,430 deals respectively.
In the new week, we expect the local bourse to close in red territory as sell pressure persists amid higher interest rate environment, both home and abroad, and declining global crude oil prices. Speculators are expected to continue scrapping the market for short term gains as valuations and dividend yields remain attrative.