NSE ASI Closes Marginally in Red Territory Despite 21.61% Drop in Turnover…

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Stockbrokers do business on the trading floor of the Nigerian Stock Exchange, on October 8, 2008 in Lagos. Global financial turmoil has battered markets around the world, posing risks to foreign investment and trade that could threaten Africa's recent economic gains, according to experts. Losses highlighted steady declines all year in major African markets with oil-exporter Nigeria off 31 percent from its March high. AFP PHOTO/PIUS UTOMI EKPEI

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.
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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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