Trading activities for the just concluded week experienced mixed performance as market recorded four bearish days against 1 blue day, which closed the lead indicator southward by 0.65%. Similarly, the Market Capitalization of listed equities was down by 65Bpts to close at N9.359 trillion.
Trading activities for the week produced 18 advancers and 38 lagers. NSEASI YtD return is currently -4.87% while the Market Capitalization YtD return stood at –N492.679 billion.
Volume Index for the week was 0.87 while buy volume and sell volume is estimated at 23% and 77% respectively. This is against the 100% sell volume and 0% buy volume recorded during the previous week.
The prolonged silence that characterized the equities market for about two weeks from now was seemingly ended last week, after the release of the financial performance indices of Zenith Bank Int Plc, where a 25k dividend was reported. Investors jointly agreed a negative revaluation of most banking equities yet to release their respective half year results.
Outlook for the Week
The new week is expected to face more pressures as more depressing news are expected during the week. For example, the National Bureau of Statistics is expected to unveil the headline Inflation index this week. Please note that we see the index increasing Year on Year to 17.00%+.
The central bank of Nigeria already announced its intention to conduct special examination on banks leading from the nation’s macroeconomic challenges and rising non-performing loans (NPLs). Already impacting the market is the recent report by the president Mohammadu Buhari that the nation is broke due to the fall in crude oil prices.