Equities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment

Must Read

Africa’s biggest grocery retailer, Shoprite exits Nigeria

Shoprite is exiting the continent's most populated country, Nigeria, after 15 years of operation. The retail giant initiated a...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

In the just concluded week, the local equities market closed negatively amid renewed profit-taking activity. Specifically, the NSE ASI plunged by 1.41% week-on-week to 24,828.75 points. Given the renewed bearish sentiment, especially on the oil and gas stocks, three of the sub-sector gauges closed in the red.

Equities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand Spur
Cowry Asset Research

The NSE Oil/Gas index, NSE Insurance index, and the NSE 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 N10.06 billion respectively.

- Advertisement -

However, transaction volumes fell by 4.13% to 1.04 billion shares.

In the new week, we expect the domestic equities market to close positively as investors take advantage of the relatively low prices. Also, 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.

Cowry Asset Research

- Advertisement -
Equities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand SpurEquities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read Also:  Federal Government Revenue: The past and the expected future

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Equities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand SpurEquities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand Spur

Latest News

A Decade in Peerless Excellence – GTBank is Nigeria’s Best Bank for a record extending 10 Times

Guaranty Trust Bank Plc (GTBank) has long been regarded by industry watchers as one of the best run financial...

Diageo profits plunge 47% as pandemic hits global demand

Diageo today admitted profits for the past year plunged 47% hit by the closure of the on-trade activities and the cancellation of sports events...

Diageo Plc announces change to its Board of Directors

Diageo announces that Ho KwonPing will retire as a Non-Executive Director, effective 28 September 2020. Ho KwonPing has served on Diageo plc’s Board of Directors...

H1 2020: Sterling Bank reports a 4.4% decline in profit after tax to N5.4bn

Sterling Bank Plc, a full service national commercial bank releases its unaudited results for the half-year ended June 30, 2020. The Bank’s results released on...

UACN Plc Reverses Self on Plan to Unbundle UPDC amid Credible Offer by Custodian Investment Plc

On Monday, August 3, 2020, UAC of Nigeria Plc notified the Nigerian Stock Exchange, Securities and Exchange Commission, Shareholders and the investing community that...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Equities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand SpurEquities Market: NSE ASI Tanks by 1.41% amid Renewed Bearish Sentiment - Brand Spur