as Local Bourse Sheds 232bps amid Sell-0ffs last week
Thank you for reading this post, don't forget to subscribe!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.