Afrinvest Limited said: “this week, we expect to see extended profit-taking in the market due to the weak sentiment.” Also, GTI Securities noted that “The Nigerian equity market wrapped up transactions for last week bearish, as investors continue to trade cautiously in response to the increased economic risks, indicated by falling yield trends in the fixed income market and the tamed movement of the ASI. We expect these mixed sentiments to overshadow market activities this week.
Amid renewed bearish sentiment, most sector gauges closed negative except for the NGX Industrial Goods indices which rose by 0.14 per cent to close at 2,116.94 points. The NGX Banking index, NGX Insurance index, NGX Consumer Goods and the NGX Oil & Gas indices shed by 0.17 per cent, 2.93 per cent, 0.43 per cent and 3.87 per cent to 443.72 points, 188.17 points, 570.78 points and 442.11 points respectively.
Overall, a total turnover of 2.449 billion shares worth N20.653 billion in 20,764 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.798 billion shares valued at N23.859 billion that exchanged hands last week in 22,970 deals.