In the just concluded week, the NSE ASI moderated week-on-week by 0.37% to close at 40,120.22 points despite the index rising three times out of the five trading days.
Notably, the bearish trend was induced by profit taking on DANGCEM and WAPCO shares.
Hence,the NSE Industrial index fell by 2.29% to 2,005.26 points.
On the positive side, we saw investors go bullish on Oil/Gas stocks given OPEC’s decision to increase production by 500,000 level over January levels.
Hence, the Oil/Gas index ballooned by 13.16% to 255.97 points. Similarly, the NSE Banking, NSE Insurance and the NSE Consumer Goods advanced by 3.21%, 9.49% and 2.58% to 405.64 points, 207.48 points and 588.16 points respectively.Meanwhile, activity was mixed in the market as total deals and volume of stocks traded rose by 83.27% and 87.90% respectively to 26,801 deals and 3.39 billion shares respectively. However, the value of stocks traded fell by 23.49% to N19.86 billion.
In the new week, we expect the local equities market to trade sideways as investors tweak their portfolios in favour of companies with good dividend payment history.