NSE Index Tanks by 1.41% amid Renew Bearish Sentiment
The Nigerian Stock Exchange (NSE) performance this week was largely bearish, wiping off previous gains made by investors.
The All Share Index tanked by 1.41% week on week to 24,828.75 points amid this renewed bearish sentiment that pushed equities market to close negative on a long stretch profit taking activities.
Market capitalisation dropped to ₦12.95 trillion follows sell-offs as investors takes profit rather than bargain hunting in the recent past.
As a result, year to date loss worsened to 7.5% as investors lost ₦185.7 billion as market capitalisation fell to ₦12.95 trillion.
Meanwhile, activity level waned as average volume and value traded fell 23.9% and 18.0% respectively to 210 million units and ₦2 billion.
Given the renewed bearish sentiment, especially on the oil and gas stocks, three of the sub-sector gauges closed in red.
The NSE Oil/Gas, Insurance and the Banking index declined by 4.86%, 3.11% and 3.06% to 208.65 points, 131.54 points, and 290.81 points respectively.
On a positive note, the NSE Industrial index and the NSE Consumer Goods index rose by 2.24% and 1.81% to 1,219.69 points and 432.89 points respectively.
Meanwhile, market activity was mixed as total deals and Naira votes increased by 19.58% and 3.43% to 19, 515 deals and ₦10.06 billion respectively.
Investors Fortune Increase as Stock Market Cap Hits ₦15.3 trillion
However, transaction volumes fell by 4.13% to 1.04 billion shares.
Cowry Asset said in the new week, it expects domestic equities market to close positive as investors take advantage of the relatively low prices.
“We may see the share price of Dangote Cement appreciate as it began exportation of clinker in the just concluded week.
“Hence, we advise our clients to buy stocks with strong fundamentals and good dividend yields”, the firm stated.
NSE Index Tanks by 1.41% amid Renew Bearish Sentiment
