After several weeks of persistent decline, the equity market rebounded at the end of last week’s transactions, as the All-Share Index and market capitalisation of the Nigerian Stock Exchange appreciated by 0.4 per cent to close the week at 29,966.87 points and N13.206 trillion respectively.
They also argued that the market expects the announcement of the government’s new cabinet, economic team and a blueprint from the fiscal authority to kick off implementation of the 2019 budget. “Bargain hunters are likely to hit the market any moment from now, while discerning investors are taking advantage of low valuation to position ahead of March year-end numbers and second half interim dividend stocks.
Further breakdown of last week’s transactions showed that a total turnover of 1.77 billion shares worth N28.036 billion was recorded in 18,660 deals by investors on NSE, lower than a total of 7.476 billion units valued at N91.107 billion that was exchanged in 17,192 deals during the preceding week.