Nigerian Equities Weaken by 1.28% in First Week of New Year…

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In the just concluded week, the Nigerian Stock Exchange registered its first weekly loss as the NSE All Share Index fell w-o-w by 1.28% on the back of renewed profit taking activity.

The overall market performance measure, NSE ASI, closed lower at 30,368.90 points. Virtually all sector guages closed in the red save the NSE Oil/Gas Index which buoyed by 2.91% to 299.85 points. The NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index and NSE Industrial Index fell by 2.70%, 1.00%, 1.03% and 3.88% to 387.04 points, 124.70 points, 730.77 points and 1,182.47 points respectively.

Meanwhile, transaction volumes and Naira votes fell w-o-w by 47.36% and 41.36% to 1.65 billion shares and N8.41 billion respectively; however, total deals increased by 42.08% to 14,765 deals which was suggestive of increased retail activity.

In the new week, we expect a mix of bargain hunting and profit taking on largely undervalued stocks – the net effect of which should tilt the bourse slightly into positive territory.

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