In line with our expectation, the Local equities market remained bearish amid sustained profit taking activity. Specifically, the overall twin market performance guages, NSE ASI and market capitalisation, each declined w-o-w by 1.27 per cent to close at 30,046.70 points and N13.23 trillion respectively.
In the same vein, NSE Consumer Goods index and NSE Industrial indexe tanked by 1.66% and 4.15% to 612.95 and 1,054.80 points respectively.
However, NSE Banking index, NSE Insurance index and NSE Oil & Gas index increased by 0.01%, 0.86% and 0.28% to 356.98 points, 115.98 points and 249.76 points respectively. Meanwhile, market activity increased as total deals, transaction volumes and Naira votes rose by 8.06%, 12.97% and 25.88% to 12,201 deals, 868.74 million shares and N15.79 billion respectively.
In the new week, in the absence of major stimuli, we expect general bearish activity in the local equities market – although tinged with pockets of bargin hunting activity by speculators positioning ahead of H1 2019 corporate result announcements.