Sentiments remained bearish in the Nigerian Equities Market as it further fell weekly by 0.62 percent on sustained profit taking activities.
The All Share Index (ASI) shed 232.82 points or 0.62 percent W-o-W to settle at 37,392.77 points while year-to-date loss stood at 2.22 percent. As a result, investors lost N84 billion as market capitalization went down to N13.546 trillion.
In the same vein, most sectored gauges fell, the NSE Banking index, NSE Consumer Goods index, NSE Insurance index and NSE Industrial index decreased by 2.10 per cent, 5.10 per cent, 0.43 per cent and 1.29 per cent respectively to Close at 465.77 points, 891.54 points, 143.51 points and 1,927.75 points respectively. However, NSE Oil/Gas index rose by 0.71 percent to close at 316.17 points.
Meanwhile, a total turnover of 1.219 billion shares worth N17.333 billion in 17,362 deals was traded last week by investors on the floor of the Exchange in contrast to a total of 1.842 billion shares valued at N16.594 billion that exchanged hands previous week in 18,941 deals.
Market breadth was negative with 21 gainers and 55 losers. Custodian Investment led the gainer's table by 17.47 percent to close at N6.12 per share. C&I Leasing followed with a gain of 10.22 percent to close at N2.48, while Forte Oil rose by 9.68 percent to close at N28.90 per share. On the other side, Tantalizers led the decliners table by 25 percent to close at 27 kobo per share. Mutual Benefits Assurance followed with a loss of 24.44 percent to close at 34 kobo and DN Tyre & Rubber declined by 20.69 percent to close at 23 kobo per share.
Outlook For This Week
This week, analysts at Cowry Asset Management expects the local bourse to close flat in the green territory as early-bird companies release half-year results which in their opinion would be largely positive.
Analysts at Cordros Capital Limited said
“we guide investors to trade cautiously in the short-to-medium term, amidst continued selloffs, and the absence of a foreseeable one-off trigger in the near term.
However, our positive view of Nigeria’s long-term macroeconomic outlook, in addition to the likelihood of lingering external risks settling, remain supportive of long-term gains.”
