NSE ASI Declines by 0.72% on Renewed Profit Taking…

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In line with our expectations, the local equities market closed in the red amid profit taking activity.

Hence, the local bourse tanked by 0.72% week-on-week, resulting in decrease of the NSE ASI to 23,871.33 points.

Similarly, most of the sectoral indices closed southwards, especially the NSE Industrial index which moderated by 2.18% to 1,012.32 points.

Also, the NSE Banking index and NSE Insurance index fell by 0.03% and 0.56% to 282.33 points and 124.54 points respectively.

On the flip side, the NSE Consumer Goods index and NSE Oil/Gas index rose by 2.25% and 1.56% to 411.55 points and 218.40 points respectively.

Elsewhere, market activity remained weak as total deals, transaction volumes and Naira votes tanked by 27.37%, 44.25% and 46.34% to 20,910 deals, 0.93 billion shares and N9.77 billion respectively.
17.00% 14.00% 11.00% 8.00% 5.00% 2.00%

In the new week, Debt Management Office will issue bonds worth N60.00 billion, viz: 12.75% FGN APR 2023 (5- Yr Re-opening) worth N20 billion, 12.50% FGN APR 2035 (15-Yr Re-opening) worth N20 billion and 12.98% FGN APR 2050 (30-Yr Re-opening) worth N20 billion respectively.

We expect the bonds stop rates to moderate on high demand.

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