In line with our expectations, investors in the equities market remained bullish, especially on insurance and oil & gas stocks. Hence, the All-Share Index (ASI) increased week-on-week by 72 basis points to close at 35,137.99 points amid positive investor sentiment.
Also, the Nigerian Stock Exchange launched the NSE Growth board in order to further create liquidity in the trading of growth-oriented stocks.
Despite the bullish activity, most sub-sector gauges closed negative, save the NSE Insurance and the NSE Oil/Gas indices which rose by 1.56% and 1.71% to 157.83 points and 220.30 points respectively.
The NSE Banking, NSE Consumer Goods and the NSE Industrial indices fell by 3.13%, 2.78% and 2.21% to 391.38 points, 566.26 points and 1,620.62 points respectively.
Meanwhile, market activity remained weak as total deals, total volume and value further plunged by 25.31%, 7.78% and 1.42% to 23,650 deals, 1.67 billion shares and N25.42 billion respectively.
In the new week, we expect the Lagos bourse to trade sideways as investors key in sell orders ahead of Christmas celebration. Nevertheless, we feel that there may be some pick up of shares by some investors looking to take advantage of the drop in prices.