NSE ASI Moderates by 0.04% amid Sustained Sell Pressure…

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In the just concluded week, the domestic equities market further moved in negative direction amid
sustained bearish pressure. Specifically, the main market index, NSE ASI, moderated to 26.526.35 points, having lost 0.04% w-o-w. Of the five
sector-gauges, we saw the Oil & Gas and NSE Industrial sector gauges close in the red zone;
they decreased by 0.68% and 0.49% to 232.46 points and 1,051.59 points respectively.
However, NSE Banking Index, NSE Insurance and NSE Consumer Goods indices closed in the green
zone as they increased by 0.78%, 1.04% and 1.31% to 355.42 points, 120.44 points and 555.68 points respectively. Elsewhere, market activity was upbeat as total transaction volumes and Naira votes increased by 32.24% and 5.99% to 1.38 billion shares and N15.50 billion respectively; however total deals fell by 2.98% to 14,528 deals.

In the new week, against the backdrop of boost in financial system liquidity, we expect FGN bond prices to rise (with corresponding decline in yields) amid expected buy pressure at the OTC market.
In the new week, we expect the local equities market to rebound as rates in the fixed income space, especially T- bills, have moved towards lower single digit which would be less attractive to investors.

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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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