EQUITIES MARKET: Local Bourse Witnesses Renewed Profit Taking Activity…
In line with our expectation, the Local equities market relapsed into the red zone amid resumed profit taking activity.
Specifically, the overall twin market performance guages, NSE ASI and market capitalisation, each declined by two per cent w-o-w to close at 30,432.13 points and N13.40 trillion respectively.
In the same vein, we all five sub-indices closed in bear territory: NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indexes rose by 1.28%, 4.02%, 1.21%, 5.15% and 2.89% to 356.93, 114.99, 623.30, 249.07 and 1,100.5 points respectively.
Meanwhile, market activity decreased further – mainly on account of a two-day Public Holiday to mark Eid el fitri – as total deals, transaction volumes and Naira votes plunged by 31.14%, 28.75% and 28.79% to 11,291 deals, 768.98 million shares and N12.54 billion respectively.
In the new week, in the absence of major stimuli, we expect sustained bearish pressure on the local equities market as investor apathy pervades the bourse, resulting in general sell offs amid flight to safety.