Bearish sentiments persisted at the Nigerian equities market last week as domestic investors focused on receiving the dividends paid by banks for the 2018 financial year.
The Nigerian Stock Exchange All-Share Index depreciated by 1.2 per cent last week to close lower at 29,740.41, while market capitalisation shed N123.7 billion to close at N11.2 trillion. Profit taking and sell pressures that persisted led to the market to post losses in two out of the four trading days.
The bearish trend pervades the African continent as five of the six markets tracked depreciated last week. The Morocco Casablanca MASI Index was the lone gainer, recording 0.5 per cent growth. On the other hand, Germany’s XETRA DAX and Japan’s Nikkei 225 appreciated 0.7 per cent and 0.3 per cent respectively.Meanwhile, investors traded 1.432 billion shares worth N15.089 billion in 15,342 deals last week, up from 988.692 million shares valued at N11.432 billion that exchanged hands in 13,596 deals the previous week. The Financial Services Industry led the activity chart with 587.373 million shares valued at N5.092 billion traded in 8,210 deals, thus contributing 41 per cent and 33.
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