Domestic Equities Index Declines by 2.89% on Banking Stocks

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) 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 held. The sort...

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...
- Advertisement -
In the just concluded week, sentiment remained negative in the market as equities sell-off persisted despite the dividend announcement by corporates.

Notably, yields at the fixed income space continue to move upwards as the stop rate for the 364-day treasury bill rose to 6.5% (from 5.5%); hence, investor appetite for stocks weakened.

Against this backdrop, the ll-Share Index moderated by 2.89% w-o-w to 38,648.48 points, while the year-to-date loss worsened to -4.03%. Losses were broad-based as all sub-indices tracked closed in red territory except for the NSE Industrial index which rose by 1.34% to 1,923.55 points.

Naira Gains against the USD at the Bureau De Change, Parallel (“black”) Markets Brandspurng
Afolabi Sotunde Illustration Naira

The NSE Banking index plunged by 7.58% to 353.75 points. Also, the NSE Consumer Goods, NSE Insurance, and the NSE Oil/Gas indices tanked by 4.26%, 2.29% and 1.59% to close at 539.85 points, 197.46 points and 261.18 points respectively.

- Advertisement -

Meanwhile, trading activity was weak as total deals, volume and value of stocks traded fell by 13.21%, 22.61% and 30.73% to 21,036 deals, 1.61 billion shares and N20.60 billion respectively.

In the new week, we expect the domestic equities market to slip further as investors stay on the sidelines to target new support levels.

Read Also:  Equities: ASI sees 2bps uptick Friday to close week in green

However, a decline in stop rate, especially for 364-day at the primary market auction, in the new week, may change trading dynamics in equities towards the end of the trading week.

- Advertisement -
Domestic Equities Index Declines by 2.89% on Banking Stocks - Brand SpurDomestic Equities Index Declines by 2.89% on Banking Stocks - Brand Spur
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

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

Domestic Equities Index Declines by 2.89% on Banking Stocks - Brand SpurDomestic Equities Index Declines by 2.89% on Banking Stocks - Brand Spur

Latest News

Berger Paints Soaring Costs Undermines Topline Growth

...Topline Maintains Growth Momentum In 2020FY, Berger Paints Plc sustained its growth momentum despite the challenges faced during the year....
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Domestic Equities Index Declines by 2.89% on Banking Stocks - Brand SpurDomestic Equities Index Declines by 2.89% on Banking Stocks - Brand Spur