Thursday, May 13, 2021

Equities Market ASI Moderates by 0.13% amid Sustained Bearish Activity…

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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 the just concluded week, the equities market moderated week-on week by 0.13% to close at 38,866.39 points despite the index rising three out of the four trading sessions.

Notably, the bearish undertone was more pronounced on Tier-1 banking stocks such as ZENITHBANK and GUARANTY as short-term traders booked profit.

Losses were broad based as four out of the five sub-indices tracked closed in red territory; the NSE Banking Index fell the most by 2.25% to 348.28 points, followed by the NSE Insurance, NSE Industrial and the NSE Oil/Gas indices by 1.49%, 0.66% and 0.31% to 201.88 points, 1,875.49 points and 265.64 points respectively.

On the positive side, the NSE Consumer Goods index rose by 1.12% to 556.03 points.

Meanwhile, trading activity was mixed as total volume and value of stocks traded fell by 38.61% and 51.71% to 0.88 billion units and N9.19 billion respectively. However, total deals traded rose by 2.51% to 17,837 deals.

In the new week, we expect the domestic equities market to trade sideways as attractive yields in the fixed income space continue to entice investors.

However, given the lower re-entry prices for few stocks in the banking sector, we expect short-term traders to use the opportunity to key in for possible short-term gains.

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