In the just concluded week, the NSE ASI retraced into negative territory amid sell-offs witnessed on the mid and large-cap stocks. We saw investors book profit on tickers such as WAPCO, DANGCEM and ZENITH given their recent share price increases.
Hence, the benchmark index waned by 42bps week-on-week to close at 41,001.99 points.
Also, Performance across subsector indices closed southwards as all the indices tracked closed in red; the NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices moderated by 1.33%, 0.80%, 0.09%, 0.13% and 0.51% to 410.39 points, 241.80 points, 605.92 points, 274.18 points and 2,051.69 points respectively.
Meanwhile, market activity was mixed as total deals and volume of stocks traded rose by 8.30% and 5.22% respectively to 32,823 deals and 3.62 billion shares respectively. However, the value of stocks traded fell by 21.80% to N25.59 billion.
In the new week, we expect the local equities market to trade northwards as investors rebalance their portfolios in favour of shares of companies with good dividend payment history and which present relatively higher yields.