Speculators to scrap market for short term gains next week amid attractive valuations, dividend yields

    0
    681

    as NSE ASI Drops by 118bps Despite 100.56% Increase in Market Turnover…

    In line with our expectation, the local equities market nosedived w-o-w by 1.18% on sustained profit taking activity, especially on shares of Dangote Cement Plc which lost N8.50 to close at N195.00.

    The overall market performance measure, NSE ASI, closed lower at 31,678.70 points while market capitalization shed N138.58 billion to close at
    N11.57 trillion.

    Similarly, NSE Industrial Index and NSE Banking Index plunged by 5.28% and 0.75% respectively to 1,287.83 points and 410.74 points respectively. However, NSE
    Insurance Index, NSE Consumer Goods Index and NSE Oil & Gas Index rose by 1.38%, 1.08% and 0.25% to
    120.69 points, 734.44 points and 290.94 points respectively. Elsewhere, traded volumes and total deals decreased
    w-o-w by 0.19% and 13.42% to 1.28 billion shares and 11,467 deals respectively; however, market value rose by 100.56% to N23.14 billion despite the fact that market only opened for four days this week.

    In the new week, we expect the local bourse to close negatively as bearish activity is sustained.

    Speculators are expected to continue scrapping the market for short term gains amid attractive valuations and dividend yields.

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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