The Nigerian equities market sustained its southwards trend as investors sold off their shares following President Muhammadu Buhari’s re-election.
The fall in overall market performance was despite the positive results and increased dividend pay-out by Dangote Cement Plc.
Hence, the main market index, NSE-ASI, fell by 688.28 points or 2.12 per cent to close at 31,827.24 points. Similarly, market capitalisation shed N257 billion week-on-week (W-o-W) to close at N11.869 trillion.
Across sector indices, the NSE Banking Index, NSE Consumer Goods Index and NSE Oil/Gas Index closed in negative territory as they plummeted by 5.43 per cent, 3.69 per cent and 0.45 per cent to 412.73 points, 730.95 points and 299.51 points respectively. However, NSE Insurance Index and NSE Industrial Index rose by 3.71 per cent and 0.77 per cent to 132.68 points and 1,276.48 points respectively.
Market breadth closed negative with 26 gainers and 38 losers. Cornerstone Insurance led the gainers table by 19.05 per cent to close at 25 kobo per share. Livestock Feeds followed with a gain of 15.52 per cent to close at 67 kobo, while Veritas Kapital Assurance rose by 14.29 per cent to close at 24 kobo, per share.
On the other side, Transnational Corporation Of Nigeria (Transcorp) led the decliners table by 14.48 per cent to close at N1.24 per share. NPF Microfinance Bank followed with a loss of 12.73 per cent to close at N1.44 and Oando declined by 11.54 per cent to close at N5.75, per share.
Overall, a total turnover of 1.752 billion shares worth N19.681 billion in 22,319 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.481 billion shares valued at N17.647 billion that exchanged hands previous week in 20,449 deals.
The Financial Services Industry, measured by volume led the activity chart with 1.377 billion shares valued at N11.311 billion traded in 14,180 deals, contributing 78.63 per cent and 57.47 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 115.142 million shares worth N168.128 million in 1,126 deals, while Consumer Goods Industry has a turnover of 113.079 million shares worth N6.051 billion in 2,993 deals.
Outlook for the week
In the new week, analysts at Cowry Asset Management Limited expected the Nigerian equities market to close in green territory as investors take advantage of the low prices amid positive corporate results and increased dividend pay-out.
Analysts at Cordros Capital noted that “amidst the still sensitive political landscape, we still hold the view that the blend of compelling valuation story, together with positive macroeconomic picture, leaves scope for market recovery in the medium-to-long term. However, we guide investors to tread the cautious trading path in the short term.”
Police Arrests Notorious Rail Track Vandal In Enugu
130 To Bag First Class At UNILORIN Convocation — VC
Stylist Bags 1 Year Imprisonment For N29,000 Fraud
Edo Community In Palermo Back Obaseki’s Second Term Bid
Court Grants Mother Custody Of Her Twins
Court Remands Man, 23 For Alleged Serial Burglary In Ekiti
2019 Election: PMB’s Victory And Unmatched Strategy Of BCO
COVER STORIES23 hours ago
Why NSCDC Can’t Recruit Now – CG
CRIME10 hours ago
7 Boko Haram Killed, 8 Crippled By Own IEDs
COVER STORIES10 hours ago
‘Emergence Of Industries Boosting Kano’s Economy’
BUSINESS23 hours ago
How Waste Management Is Creating Cash Cows For Entrepreneurs
COVER STORIES11 hours ago
World Bank Approves $3bn Loan For Nigeria’s Power Sector
BUSINESS23 hours ago
CG’s Adhoc Team Intercepts Rice, Vehicles Worth N62m In One Month
FEATURES23 hours ago
Can Saraki, Makinde, Mohammed Deliver In Bayelsa, Kogi?
AGRICULTURE21 hours ago
Nigeria Has The Potentials To Be Food Sufficient In Three Years – Tedheke