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    Local Stock Market Index Falls by 1.60% amid Renewed Bearish Activity…

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    Godwin Okaforhttps://naija247news.com
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    In the just concluded week, the NSE ASI
    moderated week-on week by 1.60% to close at 39,198.75 points while the YTD loss of the benchmark index rose to -2.66%.

    Market sentiment was negative as investors booked profit following the recent rise in share prices amid relatively positive corporates Q1 2021 financial results.

    Breakdown across sub-sectors tracked showed that three out of the five indices tracked closed in green zone; the NSE Oil/Gas index led the gainers by 5.98% to 285.19 points buoyed by buying pressure on SEPLAT shares which rose by 8% w-o-w to N620.00.

    Similarly, the NSE Banking and the NSE Consumer Goods indices rose by 0.62% and 0.62% to 354.25 and 561.80 points respectively.

    On the flip side, the NSE Insurance and the NSE Industrial indices fell by 2.20% and 1.60% to 197.06 points and 1,916.55 points.

    Meanwhile, trading activity was positive as total deals, volume and value of stocks traded increased by 4.80%, 11.18% and 59.50% to 17,065 deals,1.28 billion units and N14.42 billion respectively.

    In the new week, we expect the stock market to trade sideways as investors remain on the lookout for new stop rates, especially for 364-day bills.

    Hence, bargain hunters can seize the opportunity to position in dividend paying stocks, particularly those that offer above 10% dividend yield

    In the new week, we expect the stock market to trade sideways as investors remain on the lookout for new stop rates, especially for 364-day bills.

    Hence, bargain hunters can seize the opportunity to position in dividend paying stocks, particularly those that offer above 10% dividend yield.

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