Following a two-day Public Holiday, the domestic bourse maintained its downward trend as investors’ negative sentiment remained strong despite the N0.30k dividend declared by Guaranty Trust Bank on Friday.
Specifically, overall market performance measure, NSE ASI, fell by 1.40% w-o-w to 26,925.29 points. Also, all of the five sectored gauges closed in the red: NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index nosedived by 1.15%, 0.69%, 6.69%, 1.93% and 1.18% to 304.69 points, 107.11 points, 509.27 points, 218.75 points and 1,074.44 point respectively.
Meanwhile, total deals, transaction volumes and Naira votes decreased by 20.50%, 32.77% and 12.94% to 12,915 deals, 0.73 billion shares and N10.46 billion respectively.
In the new week, we expect the domestic bourse to close in red territory amid persistent negative investor sentiment; although we expect value investors to continue to take advantage of the low stock prices and hold relatively long positions in order to benefit from the high yielding dividend returns.