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

Date:

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

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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.

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.

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