Saturday, May 15, 2021

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

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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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