..As NSE Premium index, Industrial goods, consumer goods, lead
The hope of reduction in pressure confronting the vibrancy of the Nigerian market appeared to be dimming as all the sectors and indices closed the first week of trading in the New Year on a negative note.
Even as investors appeared to have commenced expanding their portfolios in the financial services sector which has remained as the market leader, the gains recorded by the sector during the week could not hedge the losses incurred by the manufacturing sector, the consumer goods sector, the oil and gas sector among other key sectors that though recorded slight activity during the week, but impacted the overall performance of the market negatively.
The consumer goods sector which recorded the highest negative returns on investments in the 2016 financial year has sustained the tempo in the New Year coming behind NSE Premium index on negative returns so far.
Analysis of the performances of companies’ equities and indices during the week showed that NSE Premium Index led the year’s negative returns on investments with -3.19 percent returns to investors.
The premium index opened the week/year on 1,695.51 and closed at 1,641.46 posting -54.05 per cent returns for the week. The NSE Premium index consists of Dangote Cement, FBN Holdings and Zenith Bank with total market capitalization of N 3,435,124,474,626.22 as at the close of trading last Friday.
The Industrial Goods Index came second to NSE premium index with -3.02 percent. The Industrial goods sector opened trade for the week at 1,595.33 and closed at 1,547.19.
The sector posted -48.14 weekly change on the performance index, second to the NSE premium index which returned -54.05 to investors in the past week.
NSE Consumer Goods Index closed the week on -2.28 returns to investors. The index opened the year at 712.65 and closed the first week of the year at 696.41, reflecting -16.24 returns for the week
The cumulative index captured by the NSE All-Share Index returned -2.32 to investors’ year to date and also -623.23 for the week ended January 06, 2017.
Meanwhile, cross section of investors has expressed concern that irrespective of the prevailing rush for earnings through dividend payment which is expected to sustain vibrant activities across sectors in the first and second quarters, meaningful policy direction by the government is expected to sustain and consolidate market recovery.