Losses extended in the Nigerian stocks market for the third consecutive week, as the market fell week-on-week (w-o-w) by 0.51 per cent on sustained bearish activity despite 50.55 per cent improvement in turnover for the week.
The All Share Index (ASI) shed 180.18 points or 0.51 per cent w-o-w to settle at 35,446.47 points while year-to-date loss increased to 7.78 per cent. As a result, investors lost N66 billion as market capitalisation went down to N12.875 trillion.
Four of the five sessions of the week closed in the red, while bargain-hunting in Dangote Cement shares led the market on Friday to close trading for the week to its largest gain of the month.
Hence, most of the sectored guages dropped, NSE Banking index, NSE Insurance index, NSE Consumer Goods index and NSE Oil/Gas index decreased by 3.80 per cent, 3.56 per cent, 1.12 per cent and 1.47 per cent to close at 438.14 points, 137.87 points, 835.80 points and 296.07 points respectively. However, NSE Industrial Index rose by 1.29 per cent to close at 1,716.66 points.
Meanwhile, a total turnover of 1.147 billion shares worth N12.546 billion in 16,649 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 925.630 million shares valued at N8.333 billion that exchanged hands previous week in 15,565 deals.
Market breadth was negative with 16 gainers and 56 losers. International Breweries led the gainers table by 10 per cent to close at N35.20 per share. Portland Paints & Products Nigeria followed with a gain of 9.78 per cent to close at N2.47, while Sovereign Trust Insurance rose by 8.33 per cent to close at 26 kobo per share. On the other side, Neimeth International Pharmaceutical led the decliners table by 25 per cent to close at 60 kobo per share. Secure Electronic Technology followed with a loss of 20.69 per cent to close at 23 kobo and Skye Bank declined by 18.64 per cent to close at 48 kobo per share.
Outlook For This Week
This week, analysts at Cowry Asset Management expected the local bourse to close flat in red territory as sell-offs by foreign portfolio investors and the attractive fixed income investment amid increasing yields continue to weigh on the market prices.
According to analysts at APT Securities and Funds Limited, it will be notable to point out that the equities market is exposed to political risk at this time and it will be advisable to tread with caution while taking advantage of half year fundamentals.
“We therefore expect the market to be in a quiet mood save for possible long term positioning by value investors.”
While analysts at Cordros Capital noted that “in the short to medium term, selloffs are likely to persist in the absence of a near-term positive trigger, and amidst brewing political concerns. However, macroeconomic fundamentals remain stable and supportive of recovery in the long term.”
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: [email protected]
NEWS21 hours ago
Again, Gemade Defects To Another Party
POLITICS18 hours ago
Kwara 2019: Imposition Of Candidate Will Be Counter-productive – Saliu Mustapha
NEWS20 hours ago
PDP Never Constructed 1Km Road In Akwa Ibom – Akpabio
NEWS22 hours ago
My Sack Blessing In Disguise, Says Former SGF Lawal
COVER STORIES22 hours ago
Court Stops Ex-parte Orders On All Political Cases
NEWS20 hours ago
Why I Dumped PDP For SDP – Duke
NEWS22 hours ago
Edo APC Settles For Indirect Primaries
CRIME22 hours ago
Nigeria, Niger Sign MoU To Tackle Boko Haram