Nigeria’s stock market indicators were unchanged on Monday, November 7 thereby confirming analysts’ expectation of neutral to negative sessions this week.
The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation were flat, from preceding day’s 44,269.18 points and N24.112trillion respectively to 44,269.43points and N24.112trillion on Monday.
“Given the current sentiment in the market, we expect neutral to negative sessions this week with pockets of positive closes across sectors,” said Vetiva research analysts.
In 3,206 deals, investors exchanged 103,266,202 shares valued at N2.138billion. Zenith Bank, Geregu, GTCO, FBN Holdings, Access Corporation were top-5 traded stocks on the Exchange. The market’s positive return year-to-date (YtD) stood at 3.64percent.
United Capital led the gainers after rising from N11.35 to N12, up by 65kobo or 5.73percent, while Learn Africa topped laggards, after decreasing from N1.68 to N1.52, losing 16kobo or 9.52percent.
Read also: NGX to host CIS, reopen Exchange Trading Floor
“In our opinion, the mood in the equities market remains largely bearish, given the low level of activities (market breadth declined to 0.47x vs. 1.00x the previous week). The gains recorded last week was mainly driven by buying interests on bellwether stocks.
“We expect investors to continue to favour the fixed-income market given the attractive level of yields. Also, the expectation of increase in stop rates at the Treasury Bills auction scheduled to hold this week, further adds credence to our assertion.
“Thus, barring any bargain hunting activity on heavy-weight tickers, we expect the market to close in the negative region this week,” Meristem research analysts said in a recent note.
