Bears dominance stretches as GTBank, BUA Cement drive losses

Trading closes red on NSE, investors lose N279bn

By Nkiruka Nnorom

Investment analysts have mentioned that the bears dominance within the home equities market will proceed this week whilst Flour Mills of Nigeria Plc, Guaranty Trust Bank and BUA Cement Plc drove the 0.18 % loss recorded final week.

They posited that the market lacks a optimistic growth in the intervening time to tug it out of the pink zone  after the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) retained rate of interest at 11.5 %.

According to analysts at Cordros Capital, “We still expect a choppy theme in the week with the bears dominating proceedings in the absence of positive triggers to spur a bullish performance.”

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They suggested buyers to spend money on essentially sound shares contemplating the fragility of the macroeconomic atmosphere.

For analysts at Cowry Asset Management, the home equities market will commerce sideways “as investors rebalance their portfolio in favour of high dividend paying stocks with good fundamentals.”

Meanwhile, the bears had final week continued to dictate the temper within the native bourse because the market suffered its second consecutive weekly loss.

With the exception of the final buying and selling day, the native bourse recorded losses in the entire week’s buying and selling classes.

Specifically, the benchmark All Share Index (ASI)   fell by 0.18 % to 38,256.95 factors following 5.1 %, 4.3 % and three.0 % decline in Flour Mills of Nigeria Plc, GTBank Plc and BUA Cement Plc respectively.

The market capitalisation of all listed equities declined by the identical margin to shut at N19.940 trillion.

Sectoral efficiency was combined as three of the 5 sectors recorded losses,   whereas two appreciated.

The banking sector led the losers, dropping by 1.8 %, following by the economic items sector (-0.4%), and client items sector (-0.1%).

On the flip aspect, the insurance coverage and the oil and fuel sectors rose by 1.0 % apiece.

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Bears dominance stretches as GTBank, BUA Cement drive losses

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