In the just concluded week, the Nigerian bourse sustained its bearish momentum as investors’ sentiment weakened. Hence, the overall market performance measure, NSE ASI, plunged to 27,919.50 points, having declined by 2.27% w-o-w.
Similarly, all of the five sectored gauges closed in red zone as NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index, dwindled by 4.30%, 3.77%, 0.01%, 5.70% and 5.17% to 334.56 points, 115.08 points, 574.32 points, 229.59 points and 1043.90 points respectively.
Meanwhile, market activity remained weak as total deals and Naira votes moderated by 3.90% and 3.24% to 15,774 deals and N13.39 billion respectively; however, the total transaction volumes increased by 9.82% to 1.09 billion shares.
In the new week, we expect domestic shares to rise as investors anticipate the announcements of the H1 corporate results.