For the fifth consecutive week, the equities market continued its downward spiral amid investors’ apathy in the market given the rising yields in the fixed income space.
Despite the positive FY 2020 earnings and dividend announcement by corporates, bearish sentiment still dominated the market as the benchmark index fell four times out of the five- trading session.
Reflective of the lack of investors’ interest, the All-Share Index contracted by 1.18% week-on-week to 39,331.61 points.
Sectoral performance was also weak as four out of the five indices tracked closed in red; the NSE Banking, NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices dwindled by 1.94%, 4.99%, 6.30% and 2.16% to close at 375.35 points, 192.00 points, 528.32 points and 259.65 points respectively.
On the positive side, the NSE Industrial index increased by 1.39% to 1,924.58 points.
Meanwhile, trading activity was mixed as total volume and value of stocks traded rose by 8.38% and 44% to 2.09 billion shares and N29.74 billion respectively.
However, the total deals traded fell by 1.82% to 24,238 deals
In the new week, we expect the local equities market to further trade southwards as investors stay on the side lines to target new support levels, especially in ZENITHBANK share price that will be marked down by N2.70k