Local Shares Fall by 0.99%, Reverses Last Week’s Gains…

Date:

Just a week after the long-awaited inauguration of the Federal Ministers, local stocks reversed last week’s gains as the initial euphoria over the formation of the Federal Cabinet waned.

Thank you for reading this post, don't forget to subscribe!

Hence, overall market performance measure, NSE ASI, fell by 0.99% w-o-w to 27,525.81 points.

Also, three of the five sectored gauges closed in the red: NSE Banking Index, NSE Consumer Goods Index and NSE Oil/Gas Index declined by 3.46%, 0.63%, and 10.76% to 331.18 points, 526.11 points and 198.41 points respectively.

However, NSE Insurance Index and NSE Industrial Index increased by 1.15% and 0.34% to 106.85 points and 1,091.19 points respectively.

Meanwhile, market activity was weak as total deals, transaction volumes and Naira votes plunged by 12.71%, 69.82% and 33.08% to 16,043 deals, 0.71 billion shares and N13.19 billion respectively.

In the new week, we expect the domestic bourse to close in red territory as sentiment continues to weaken.

Hence, we expect value investors to pitch their tent with companies that have grown their profit after tax, paid dividends over time, are trading below equity price per share and have strong cash flows, in order to optimize their returns.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Foundation to empower 4 graduates of Unilorin in agro-business

March 19, 2024. Azonuchechi Chukwu. The British American Tobacco Nigeria Foundation...

Troops rescues 16 kidnapped victims in Kaduna

March 19, 2024. Azonuchechi Chukwu. Troops of the Nigerian Army deployed...

IOM signs agreement with Japan to build 9 healthcare facilities in Adamawa

March 19, 2024. Azonuchechi Chukwu. The International Organization for Migration (IOM),...

FG raises N475.67 billion in March bond auction over rising rates rally

March 19, 2024. Azonuchechi Chukwu. The Federal Government has raised N475.67...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading