Friday, September 24, 2021

    Local Stock Market Ends the Week Bearish as Benchmark Index Falls by 0.31%…

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    Naija247news Editorial Team
    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 NSE ASI closed lower week-on-week by 0.31% to settle at 38,547.08 points.

    Hence investors lost N62.95 billion as market capitalization declined to N20.08 trillion.

    Also, the YTD loss of the local bourse increased to 4.28% despite the relatively positive financial results released by quoted corporates.

    Accordingly, the sub-sectors performance lowered their respective benchmark indexes as three of the five sectored indexes tracked close in red.

    The NSE Industrial, NSE Banking and the NSE Insurance indices decreased by 1.32%, 0.95% and 1.12% respectively to close at 1,975.31 points, 381.35 points and 197.77 points respectively.

    On the positive side, the NSE Oil/Gas and the NSE Consumer Goods indexes increased by 3.84% and 0.06% to close at 376.95 points and 597.66 points respectively.

    Meanwhile, the Exchange witnessed increased trading activity as total deals, volume and value of stocks traded ballooned by 96.19%, 53.35% and 125.84% to 22,982 deals, 1.37 billion units and N11.82 billion respectively.

    In the new week, we expect the equities market to trade positive as investors position in stocks of companies that printed positive financial results in H1 2021 as well as those likely to give interim dividends.

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