NSE ASI Falls by 0.08% amid Marked-Down Shares of Tier 1 Banks…

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At the end of the trading week, the NSE ASI moderated by 0.08% week-on-week as profit taking dominated the trading sentiment which resulted in three days of bearish activities.

Notably, in the course of the week, share prices of most of the Tier-1 banks were marked down on the closure dates of interim dividend declared.

Hence, the NSE Banking index moderated by
0.67% to 292.01 points. Similarly, the NSE
Oil/Gas index declined by 1.03% to 189.79
points.

On the flip side, the NSE Insurance, NSE Consumer Goods and the NSE Industrial indices rose by 0.01%, 0.13% and 0.50% to 134.13 points, 432.78 points and 1,133.79 points respectively.

Meanwhile, market activity was relatively positive as total Naira votes rose by 12.25% to N12.17 billion.

However, total deals and volume fell by 15.66% and 12.62% to 16,470 deals and 1.07 billion shares respectively.

In the new week, we expect the domestic equities market to trade sideways given that investors who qualified for interim dividends may be inclined to realize value while those with a long-term investment horizon may continue to hunt for bargains as they strategically increase their holdings.

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