as NSE ASI Drops by 118bps Despite 100.56% Increase in Market Turnover…
In line with our expectation, the local equities market nosedived w-o-w by 1.18% on sustained profit taking activity, especially on shares of Dangote Cement Plc which lost N8.50 to close at N195.00.
The overall market performance measure, NSE ASI, closed lower at 31,678.70 points while market capitalization shed N138.58 billion to close at
Similarly, NSE Industrial Index and NSE Banking Index plunged by 5.28% and 0.75% respectively to 1,287.83 points and 410.74 points respectively. However, NSE
Insurance Index, NSE Consumer Goods Index and NSE Oil & Gas Index rose by 1.38%, 1.08% and 0.25% to
120.69 points, 734.44 points and 290.94 points respectively. Elsewhere, traded volumes and total deals decreased
w-o-w by 0.19% and 13.42% to 1.28 billion shares and 11,467 deals respectively; however, market value rose by 100.56% to N23.14 billion despite the fact that market only opened for four days this week.
In the new week, we expect the local bourse to close negatively as bearish activity is sustained.
Speculators are expected to continue scrapping the market for short term gains amid attractive valuations and dividend yields.