In the just concluded week, the domestic
bourse maintained its bearish trend as the
market closed in red territory – for four out of the five trading days.
However, the market regained its footing on the last day of trade amid interest in bellwether stocks.
Week on week, the NSE ASI fell by 0.08% to close at 38,256.99 points while the YTD loss of the NSE ASI rose to -5.0%.
Breakdown across sub-sector indices indicated that performance was weak as three out of the five indices tracked closed in the red zone; the NSE Banking, NSE Consumer Goods and the NSE Industrial indices fell by 1.80%, 0.77% and 0.43% to 355.30 points, 563.06 points and 1,859.12 points respectively.
On the positive side, the NSE Insurance and the NSE Oil/Gas indices rose by 1.01% and 0.85% to 205.43 points and 309.20 points respectively.
Meanwhile, trading activity was upbeat as total deals, volume and value of stocks traded rose by 29.04%, 40.56% and 13.38% to 17,577 deals, 1.03 billion units and N13.38 billion respectively.
In the new week, we expect the domestic equities market to trade sideways as investors rebalance their portfolio in favor of high dividend paying stocks with good fundamentals.