In the just concluded week, the Local equities market closed in the green terrritory amid bargain hunting activity. Specifically, the overall market performance guage, NSE ASI, increased by 188.08 basis points w-o-w to close at 31,069.37 point.
Similarly, we saw all five sub-indices close in positive territory: NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indexes rose by 3.94%, 3.83%,1.31%, 2.14% and 1.30% to 361.57, 119.81, 630.93, 262.58 and 1,133.27 points respectively.
Meanwhile, market activity was relatively tepid as total deals, transaction volumes and Naira votes plunged by 32.60%, 36.45% and 69.57% to 16,396 deals, 1.08 billion shares and N17.62 billion respectively.
The decline in market turnover was partly as a result of the public holiday as well as reduced demand for the shares of telecoms giant, MTNN. In the new week, we expect the local equities market to witness bear pressure following weakened demand for equities, particularly for shares of the telecoms giant, MTNN, as investors take profits following the short-lived rally recorded in the just concluded week.