Saturday, July 24, 2021

    Equities Market Index Falls by 1.30% amid Renewed Bearish Activity…

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    Godwin Okafor
    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 equities market reversed the previous week’s gain as bearish sentiment dominated transactions.

    The NSE ASI moderated week-on-week by 1.30% to close at 38,648.91 points while the YTD loss of the local bourse index worsened to -4.03%.

    However, sectoral performance didn’t mirror the overall market performance as four out of the five indices tracked closed in the green zone; the NSE Banking, NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices rose by 1.09%, 0.76%, 0.25% and 1.05% to close at 362.51 points, 200.93 points, 568.35 points and 314.21 points respectively.

    On the flip side, the NSE Industrial index fell by 0.05% to close at 1,951.41 points.

    Meanwhile, trading activity was weak as total deals, volume and value of stocks traded fell by 15.98%, 7.29% and 19.08% to 15,001 deals, 0.98 billion units and N10.38 billion respectively.

    In the new week, we expect the equities market to trade positive as investors position in stocks of companies likely to pay interim dividends.

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