Equities Market Falls by 1.40% Despite Interim Dividend Declared by GTBank…

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

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.

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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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