As NSE ASI sheds 3.5% to 36,920.56
The return of President Muhammadu Buhari, back to Nigeria after being absent from the country for 103 days on health grounds, will hardly have an effect, in the direction of the stock market, says analyst at Afrinvest.
Investment Research Analyst at Afrinvest West Africa Limited, Obianuju Nsofor at the weekend said the impact of the President’s return will be neutral.
According to her, while the President was away, the market did not feel his vacuum, all thanks to the Vice President, Yemi Osinbajo, who did a joint effort with our President towards reviving the economy.
She said, “Until the President addresses the nation on Monday, then, we can start to see some sort of market reaction if there is any need for that.”
Meanwhile, the equities market recorded its first loss for the week ended 18th August 2017, after closing five preceding weeks in positive territory.
The equities market recorded a loss of 3.35 per cent or 1,278 points as the NSE All Share Index closed the week in review at 36,920.56, dropping MTD and YTD returns to 3.00 per cent and 37.38 per cent respectively.
Market breadth weakened during the week to close negative, with 19 gainers topped by Fidson which advanced 9.70 per cent compared to 30 gainers, previous week versus 48 losers led by CCNN that declined 13.91 percent last week as against 37 decliners last week.
Total volume traded declined further by 8.13 per cent to 1.39 billion shares from 1.52 billion last week with Access Bank, Zenith Bank and Guaranty Bank accounting for 47.03 per cent of the market volume while the value of trades also plunged by 13.27 per cent to N25.04 billion against previous week’s N28.87 billion, with Guaranty, Access and Zenith accounting for 48.66 per cent of total value.