Sentiment in the equities market remained
bullish for the fifth consecutive week as
investors patronized insurance, consumer goods and banking stocks the most.
Hence, the NSE ASI index climbed by 0.09% week on week to close at 25,221.87 points.
Similarly, market capitalization further advanced to N13.15 trillion as Consolidated Hallmark Insurance (CHI) listed additional 2.03 billion units of its rights issue on the Daily Official List of the Nigerian Stock Exchange.
Performance across sub-sectors
tracked was positive; the NSE Banking, NSE
Insurance and the NSE Consumer Goods indices rose by 0.81%, 4.40% and 1.88% to close at 294.64 points, 128.80 points and 422.28 points respectively.
However, the NSE Industrial and the NSE Oil/Gas indices fell by 0.92% and 0.41% to close at 1,112.22 points and 187.36 points respectively.
Meanwhile, market activity mellowed as total deals, transaction volumes and Naira votes moderated by 13.00%, 27.96% and 30.25% to 16,647 deals, 0.95 billion shares and N10.12 billion respectively.
In the new week, we expect the value of FGN Eurobonds prices to appreciate (and yields to moderate) amid increased flight to safety by institutional investors owing to fear of currency devaluation.
In the new week, we expect the domestic equities market index to close in green as investors position ahead of the release of Tier-1 banks H1 2020 audited financial results.