In the just concluded week, the NSE All Share Index rose w-o-w by 0.86% on sustained bargain hunting activity in line with our expectation. The overall market performance measure, NSE ASI, closed higher at 31,037.72 points while market capitalization added N96.46 billion to close at N11.34 trillion.
Three of the five sector guages closed in green territory: NSE Banking Index, NSE Consumer Goods Index and NSE Oil & Gas rose by 0.98%, 1.75% and 2.08% respectively to 397.76 points, 738.38 points and 291.36 points respectively; however, NSE Industrial Index and NSE Insurance Index fell by 0.99% and 0.83% to 1,230.26 points and 125.96 points respectively.
Elsewhere, market turnover and total deals moderated w-o-w by 23.18% and 33.39% to N14.35 billion and 10,392 points respectively as the local bourse only opened for three days; however, traded volumes rose significantly w-o-w by 144.85% to 3.13 billion shares.
In the new week, we expect the NSE All Share Index to marginally close in green territory as investors, especially portfolio managers, hunt for undervalued stocks to cut down on their average prices or add new stocks to their portfolios cheaply.