Nigerian Bourse Wanes by 2.41% Despite the Listing of AIRTEL AFRICA

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In the just concluded week, the local equities market further slid into the red zone amid sustained bearish activities as investors expectantly await positive stimuli from anticipated release of the ministerial list by the President.

Hence, the overall market performance measure, NSE ASI, plummeted to 28,566.79 points, having lost 2.41% w-o-w.

However, market capitalization rose by 7.91% as the Exchange welcomed the second telecoms firm, AIRTELAFRI. Nevertheless, amongst the five sectored gauges, only the Banking sector closed in positive territory, rose by 0.78% to 349.60 points.

However, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index closed in negative territory as they plunged by 2.42%, 5.01%, 3.13% and 2.02% to 119.59 points, 574.38 points, 243.48 points and 1,100.83 points respectively.

Meanwhile, market activity was weak as total deals and transaction volumes fell by 15.28% and 3.54% to16,414 deals and 988.49 million shares respectively; however, the total Naira votes surged by 39.63% to N13.84 billion.

In the new week, we expect domestic shares to rise as investors anticipate the announcements of the President’s ministerial appointees as well as H1 corporate results.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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