as Local Bourse Sheds 232bps amid Sell-0ffs last week
In the just concluded week, the Nigerian bourse waned amid renewed bearish performance as investors watched from the sidelines in anticipation of a positive trigger. Hence, the main market index, NSE ASI, moderated to 29,270.95 points, having lost 2.32% w-o-w. Amongst the five sector-gauges, only the Industrial sector closed in positive territory; its increased by 3.28% to 1,123.49 points.
However, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Banking Index closed in negative territory as they plummeted by 0.97%, 2.84%, 0.75% and 5.44% to 122.55 points, 604.68 points, 251.34 points and 346.90 points respectively.
Market activities remained weak as total transaction volumes and Naira votes plunged by 11.85% and 21.52% to 1.16 billion shares and N9.91 respectively; however total deals increased by 4.32% to19,375 deals.
In the new week, we expect the local equities to rebound as we draw closer to earnings season and investors await positive corporate performances.