Nigerian Stocks Dwindle by 2.27% on Sustained Bearish Run…

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In the just concluded week, the Nigerian bourse sustained its bearish momentum as investors’ sentiment weakened. Hence, the overall market performance measure, NSE ASI, plunged to 27,919.50 points, having declined by 2.27% w-o-w.

Similarly, all of the five sectored gauges closed in red zone as NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index, dwindled by 4.30%, 3.77%, 0.01%, 5.70% and 5.17% to 334.56 points, 115.08 points, 574.32 points, 229.59 points and 1043.90 points respectively.

Meanwhile, market activity remained weak as total deals and Naira votes moderated by 3.90% and 3.24% to 15,774 deals and N13.39 billion respectively; however, the total transaction volumes increased by 9.82% to 1.09 billion shares.

In the new week, we expect domestic shares to rise as investors anticipate the announcements of the H1 corporate results.

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Obodo Ejiroghene Lucky [Chief Economist] Mr. Ejiroghene Obodo is an economist with over 15 years in Journalism, which cuts across Research and Data analysis. Mr Obodo, a graduate of Columbia University, New York City, with a Degree Journalism Graduate School Field Of Study Citi Journalism Seminar Ejiro was the Online Editor at BusinessDay Media, where he oversees the online editorial department. Proir to this Mr. Ejiroghene Obodo, also known as Lucky, served as a Senior Research Analyst at BusinessDay Research and Intelligence Unit. Prior to this, he was an Analyst at the firm. Ejiro has won series of International awards which includes the most coveted awards Citi Journalistic Award for 2013 See his professional profile listed on Bloomberg

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