Market Cap. Sheds N470.61 billion as Investors Book Profit…

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Following the recent weeks of bullish run, investors in the equities market decided to book profit; hence the overall performance index closed in the red.

Specifically, the All Share Index (ASI) declined week-on-week by 2.57% to close at 34,136.82 points.

Similarly, most sub-sector gauges closed
negative despite the release of largely positive nine-months financial performance of Tier-1 banks during the trading week.

Particularly, the NSE Banking sub-sector led the laggards as its index fell by 5.98% to close at 409.37 points.

Also, the NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices fell by 4.29%, 4.38% and 0.66% to close at 585.31 points, 215.22 points and 1587.39 points respectively.

On the positive side, the NSE Insurance index rose by 0.51% to close at 154.97 points.

Meanwhile, market activity waned as total deals and value moderated by 16.72% and 38.89% to 39,260 deals and N35.89 billion respectively.

However, the total volume rose by 152.79% to 0.11 billion shares.

In the new week, we expect the local bourse index to trade sideways as investors stay on the sidelines to take advantage of new support levels.

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