THE Nigerian Equities Market extended negative outing week on week as the All Share Index (ASI)dropped to 29,565.95 in favour of the bulls as more counters made it to the gainers chart.
Notably, the benchmark index shed 0.2 per cent w/w. Thus, the Month-to-Date and Year-to-Date losses increased to 4.8 per cent and 5.9 per cent.
At the Nigerian Stock Exchange (NSE) last week, the market opened trading week southward and maintained same through to the second trading session of the week. However, the local bourse experienced a U-turn in the third trading session and retained the positive tempo till the last trading session.
Thus, the week under review recorded more positive days in contrast with prior trading week, as the market capitalisation regained its N11 trillion mark being lost in the first three trading sessions of the week.
In the week under review, A total volume of 1.77 billion shares worth N15.18 billion were exchanged in 16,990 deals as compared to 3.54 billion shares valued at N20.26 billion in 19,123 deals last week.
On sectoral breakdown, all sector indices closed negative aside the Oil & Gas Index that gained 0.34 per cent, with the Insurance Index leading the pack with 3.08 per cent loss, followed by Industrial Goods at -0.69 per cent, Consumer Goods at -0.42 per cent, and Banking at -0.26 per cent, respectively.
Analyst however reiterated negative outlook for the equities market in the short-to-medium term, amidst absence of a positive market trigger. However,they opined that stable macroeconomic fundamentals and compelling valuation remained supportive of recovery in the medium-to-long term.