In the just concluded week, the local equities market further slid into the red zone amid sustained bearish activities as investors expectantly await positive stimuli from anticipated release of the ministerial list by the President.
Hence, the overall market performance measure, NSE ASI, plummeted to 28,566.79 points, having lost 2.41% w-o-w.
However, market capitalization rose by 7.91% as the Exchange welcomed the second telecoms firm, AIRTELAFRI. Nevertheless, amongst the five sectored gauges, only the Banking sector closed in positive territory, rose by 0.78% to 349.60 points.
However, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index closed in negative territory as they plunged by 2.42%, 5.01%, 3.13% and 2.02% to 119.59 points, 574.38 points, 243.48 points and 1,100.83 points respectively.
Meanwhile, market activity was weak as total deals and transaction volumes fell by 15.28% and 3.54% to16,414 deals and 988.49 million shares respectively; however, the total Naira votes surged by 39.63% to N13.84 billion.
In the new week, we expect domestic shares to rise as investors anticipate the announcements of the President’s ministerial appointees as well as H1 corporate results.