Thursday, September 23, 2021

    Nigeria Stock Exchange ASI Up by 0.23% amid Bargain Hunting Despite Weaker Trading Activity…

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    In the just concluded week, the local equities market rebounded w-o-w by 0.23% amid bargain hunting by investors despite the weaker trading activity.

    The overall market performance measure, NSE ASI, closed higher at 32,200.21 points while market capitalization increased by N27.48 billion to close at N11.76 trillion.

    Of the five sectored guages, only two rose: NSE Consumer Goods Index and NSE Oil & Gas Index increased by
    1.65% and 1.27% respectively to 726.34
    points and 293.52 points respectively.

    However, NSE Industrial Index, NSE Insurance Index and NSE Banking Index fell by 3.81%, 1.90% and 0.47% to
    1,345.86 points, 119.60 points and 417.33 points respectively.

    Elsewhere, market value, total deals and traded volumes decreased w-o-w by 10.56%, 4.75% and 14.84% to N18.19 billion, 14,372 deals and 1.08 billion shares respectively.

    This week, following the conclusion of the relatively positive 9 months corporate earnings season, we expect the
    local bourse to close in red territory amid sell pressure by speculators despite the attractive valuations and
    dividend yields

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