Stock Market Closes Week with Negative Outlook, Sheds N103bn
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The Nigerian stock market closed last week with a negative outlook, as equities investors lost N103 billion week-on-week (W-o-W).
With this development, the equities market reversed the previous week’s gains due to continuous portfolio rebalancing by investors seeking alpha in the market.
Specifically, the All-Share Index (ASI) declined by 0.18 per cent W-o-W to close at 99,743.05 points, while market capitalisation decreased by N103 billion W-o-W to close at N56.424 trillion.
A total turnover of 3.301 billion shares worth N53.157 billion was traded last week in 27,536 deals, compared to a total of 2.633 billion shares valued at N43.652 billion traded prior week in 33,709 deals. The Financial Services Industry led the activity chart, accounting for 92.12% and 87.22% of total equity turnover volume and value, respectively.
Meanwhile, market analysts have projected that the Nigerian stock market performance will maintain its mixed sentiment on continued profit-taking as investors reshuffle their portfolio ahead of the second quarter (Q2) window activities and reporting season.
Looking ahead to the new week, analysts at Cowry Assets Management Limited said, “We expect the local bourse to trade in mixed sentiment on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait-and-see approach.
“As trading volume patterns continue to fluctuate, suggesting buying interest in some sectors and profit-taking in others amidst a wait-and-see attitude among market players, investors are advised to trade in stocks of companies with sound fundamentals.”
On his part, the chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion said, “We expect mixed sentiments to continue in the face of low valuation and portfolios repositioning, dividend investing and end of the quarter positioning, while taking advantage of pullbacks to buy into value.
“This is amid the volatility and pullbacks that add more strength to upside potential. As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”