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.