In the just concluded week, the local bourse closed in red territory amid renewed sell-offs, especially the bellwether stocks such as MTNN, ZENITHBANK, GTCO and UBA.
MTNN share price still fell to N167.00 despite the company’s offer of its shares to retail investors at N169.00 per share.
Amid the negative sentiment which trailed the equities market, the NGX ASI nosedived w-o-w by 2.63% to close at 42,167.91 points. Similarly, we saw negative performance across all sub-indices tracked.
The NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas and the NGX Industrial indices plummeted by 1.23%, 0.29%, 0.01%, 3.51% and 0.08% to close at 381.55 points, 188.52 points, 546.38 points, 348.24 points and 2,192.12 points respectively.
Meanwhile, market activity was weak as investors stood on the side lines.
Hence, volume and value of stocks traded decreased by 59.15% and 36.57% to 1.28 billion units and N17.34 billion respectively.
However, deals rose by 26.43% to 19,990 deals.
In the new week, Cowry Research expects the local stock market index to trade sideways as investors turn some of their shareholdings to cash ahead of the yuletide season.
Nevertheless, we feel this move would create ample opportunity for medium to long-term investors to buy cheapl