Nigeria’s equities investors lost about N82billion in the trading week to January 22 following increased activities of profit takers on the Bourse. The market’s performance indicator decreased by 0.42 percent in one week, moderating this year’s positive return to +1.82percent.
All NSE sectoral indices closed the week in red, no thanks to NSE Banking Index which recorded the highest decline by -1.33percent, followed by NSE Insurance Index which dipped by -0.80 percent and NSE Industrial (-0.51percent). Others are: NSE Oil & Gas (-0.13percent), and Consumer Goods (-0.09percent).
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The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed lower at 41,001.99 points while the market capitalisation came down to N21.448trillion as against week-open high of 41,176.14 points and N21.530 trillion.
“With a number of mid/large cap stocks closing the previous week deep in the green, the domestic bourse recorded a bearish performance during the week, owning to profit taking actions by investors”, Vetiva analysts said in their Friday note to investors.
However given that most fundamentally sound counters remain below their target prices, coupled with the unattractive yields in the Fixed Income market, the analysts expect the market to return to the positive region in the new week.
