Saturday, May 15, 2021

NSE ASI Dips by 2.53% amid Surprise Jump in Money Market Rate…

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In line with our expectations, the benchmark index closed southwards as investors booked profit on blue-chip stocks ahead of Christmas celebration.

Sentiment was bearish throughout the five trading sessions.

The sell-off was intense on Thursday, as
the index shed 1.27% amid investor’s reaction to the spike on the 365-day treasury bills which rose to 3.2% from 1.5%.

Hence, the All-Share Index (ASI) fell week-on-week by 2.53% to close at
34,250.74 points.

Similarly, sectorial performance was bearish as all the sub-sector gauges tracked closed in red; the NSE Banking, NSE Consumer Goods, NSE Insurance, NSE Oil/Gas and the NSE Industrial indices fell by 2.93%, 1.82%, 1.55%, 0.25% and 4.96% to 379.91 points, 154.95 points, 557.45 points, 219.74 points and 1,540.23 points respectively.

Meanwhile, market activity was mixed as total deals and total volume increased by 0.25% and 35.19% to 23,709 deals and 2.26 billion shares.

However, total value of stocks traded fell by 17.45% to N20.98 billion respectively

In the new week, we expect the Lagos bourse index to increase as investors begin to position ahead of the usual “Santa Claus” rally.

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