In the just concluded week, the local equities market closed in red zone amid sustained selloffs.
Particularly, the main market index, NSE ASI, plummeted to 26.416.48 points, having moderated by 0.41% w-o-w.
Despite the decline in the ASI, three sub-sector gauges closed in the green zone. NSE Consumer Goods, NSE Insurance and NSE Oil & Gas indices increased by 4.76%, 1.42% and 0.71% to close at 582.11
points, 122.15 points and 234.12 points respectively.
However, NSE Banking Index and NSE Industrial indices closed in the red zone as
they moderated by 0.26% and 0.31% to close at 354.50 points and 1,048.29 points respectively.
Elsewhere, market activity was weak, given the two days holiday declared by the FG for the celebration of Christmas: total deals, total transaction volumes and Naira votes dropped by 50.87%, 46.73% and 54.00% to 7,138 deals, 0.74 billion shares and N7.13 billion respectively.
In the new week, we expect the NSE ASI to rebound amid sustained lower single digit rates in the fixed income space, especially T-bills, which would be less attractive to investors.
Also, investors maintained a bullish position on the last trading day for the just concluded week, so we expect this positive direction to be sustained in the new week.