Consequently, the NGX All-Share Index and market capitalisation appreciated by 1.11 per cent to close the week at 39,156.28 and N20.409 trillion respectively.
The financial services industry led the activity chart with 714.677 million shares valued at N5.951 billion traded in 9,718 deals; thus contributing 67.53 per cent to the total equity turnover. “With the recent development in the FI market, we are approaching an inflection point; we see scope for increased buying interest from risk-averse investors.
“Again, the way to go is to target dividend-paying stocks with growth prospects in 2021, looking at the way of mispriced equities ahead of the interim dividend announcement. A look at the market performance last week showed that sell-off in most blue-chip stocks, especially in that of Guaranty Trust Bank and Unilever, forced transactions on the NGX to reopen on a downward note on Monday as the ASI depreciated by 0.1 per cent.Specifically, at the close of transactions, the ASI dropped by 39.7 absolute points, representing a decline of 0.1 per cent to close at 38,686.4 points while market capitalisation declined by N21 billion to close at N20.164 trillion.