The Nigerian equities market last week dropped by N13 billion as investor apathy weighed on the local bourse performance.
Throughout the week, the stock market recorded increased sell-off, which reflected on the market’s benchmark performance indicators, the Nigerian Stock Exchange (NSE) All Share Index (ASI) and market capitalisation.
Capital market analysts said that the current bearish trend of the local bourse remains a concern to short term investors, saying “we believe there are still fundamentally justified symbols trading at attractive prices and expect discerning investors to take position for medium-to-long term horizon.”
They added, “We expect possible reversal of ASI bearish trend in this trading week on high caps recovery.”
The NSE ASI dropped by 371.71 or 0.89 per cent from week-open level of 41,160.62 points to close on Friday at 41,532.33 points. Similarly, the market capitalisation of equities listed on the main board dropped from a high of N13.712 trillion at the beginning of last week trading to N13.589 trillion at the close of the week.
A turnover of 3.280 billion shares worth N52.808 billion in 25,592 deals were traded last week by investors in contrast to a total of 1.342 billion shares valued at N16.086 billion that exchanged hands previous week in 22,481 deals.
Source : Leadership