as Cap. Adds N197.51 billion Week-on-Week amid Bargain Hunting…
In the just concluded week, NSE ASI closed in green territory amid renewed bargain hunting activity in line with our expectation. The overall market performance measure, NSE ASI, closed higher at 30,086.31 points, having gained 1.78% w-o-w. Shares of Access and NB gained 15.13% and 7.97% respectively to lift their respective sectored guages.
Amid investors’ positive sentiments, most of the indices closed in positive territory; NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Industrial indices rose by 2.07%, 2.44%, 5.70% and 0.46% to 386.23 points, 120.26 points, 690.82 points and 1,156.66 points respectively; however, NSE Oil/Gas dipped by 2.12% to 278.43 points, dragged by Seplat’s shares
which fell w-o-w to N570 from N590. Meanwhile, market activities slowed as total deals, transaction volumes and Naira votes nosedived by 20.08%, 44.12% and 24.83% to 13,578 deals, 0.99 billion shares and N11.41 billion respectively.
In the new week, we expect the Nigerian equities market to close in positive territory as more companies release their Q1 2019 financial results, which are expected to be fairly positive. Hence, we feel investors would take advantage of the low share prices to raise the local bourse upwards