In the just concluded week, the domestic equities market sustained its southwards trend as investors sold off their shares following President Buhari’s re-election victory. The fall in overall market performance was despite the positive results and increased dividend pay-out by Dangote Cement Plc.
Hence, the main market index, NSE ASI, fell to 31,827.24 points, having plunged by 2.28% w-o-w.
In the same vein, the NSE Banking Index, NSE Consumer Goods Index and NSE Oil/Gas Index closed in negative territory as they plummeted by 5.43%, 3.69% and 0.45% to 412.73 points, 730.95 points and 299.51 points respectively.
However, NSE Insurance Index and NSE Industrial Index rose by 3.71% and 0.77% to 132.68 points and 1,276.48 points respectively. Market activty in the equities market improved as total deals, transaction volumes and Naira votes rose by 9.15%, 18.27% and 11.53% to 22,317 deals, 1.75 billion shares and N19.68 billion respectively.
In the new week, we expect the Nigerian equities market to close in green territory as investors take advantage of the low prices amid positive corporate results and increased dividend pay-out.