Sentiment subsides though remains weak compared to previous week as the Nigerian equities market shed 0.32 per cent week-on-week (W-o-W).
Specifically, the overall market performance measure, All-Share Index (ASI), shed 0.32 per cent W-o-W to 26,448.62 points. Also, market capitalisation declined by N41 billion to close the week at N12.875 trillion.
Across sectors, performance was mixed for the week. Despite the 3.35 per cent increase in Guaranty Trust Bank’s profit after tax in nine month, 2019, the NSE Banking index fell by 2.00 per cent to 319.29 points. Also, the NSE Oil/Gas and NSE Industrial indexes fell as their respective gauges moderated by 0.22 per cent and 0.31 per cent to close at 225.25 points and 1,052.78 points. However, the NSE Insurance and NSE Consumer Goods indices rose by 2.37 per cent and 0.12 per cent to close at 121.27 points and 512.26 points respectively.
Outlook for the week
In the new week, analysts at Cowry Asset Management Limited expected the local bourse to close in green territory as more third quarter (Q3) 2019 companies’ results are expected to be released in the course of the week, although investors’ sentiments still remain weak given the perceived attractiveness of fixed investment yields.
Analysts at APT Securities and Funds Limited, said that “The market is taking a wait and see position as investors awaits positive catalyst amidst unpredictable macro-economic environment.
“It will be notable to point out that earnings season is here launched by Guaranty Trust Bank with 3.11 per cent increase in bottom line.”
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