In the just concluded week, the local stock market closed in negative territory on renewed sell-offs, especially on banking stocks such as GTCO and ZENITHBANK.
Hence, the NSE ASI plummeted w-o-w by 0.12% to close at 43,199.27 points. Also, the sub-sector gauges mirrored the benchmark index as all of the
indices closed southwards.
The NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices plummeted by 1.60%, 0.47%, 1.41%, 3.63% and 0.10% to close at 391.61 points, 176.79 points, 560.85 points, 368.03 points and 2,194.36 points respectively.
Meanwhile, market activity came in mixed as deals and volume of stocks traded decreased by 2.06% and 5.37% to 19,990 deals and 1.39 billion units respectively.
However, the value of stock traded increased by 33.17% to 27.89 billion.
In the new week, Cowry Research expects the local bourse index to close positively as investors respond to the newly released positive economic numbers such as good growth in GDP rate and declining inflation rate.
Also, we feel investors will continue to position in those companies that have sound fundamentals.