Pas­sive ses­sion to­day as stocks re­sume on N104bn loss

Daily Trust - - NEWS - From Omobayo Azeez, Lagos

As trad­ing re­sumes on the floor of the Nige­rian Stock Ex­change (NSE) to­day, ex­perts pre­dict an in­ac­tive ses­sion as many in­vestors and mar­ket play­ers re­main in fes­tiv­ity mood.

The week, end­ing to­day, July 8, was be­lieved to have been crip­pled and de­nied of high trad­ing sen­ti­ment as it has been made to wit­ness only two trad­ing ses­sions fol­low­ing the un­prece­dented three­day hol­i­day de­clared by the fed­eral gov­ern­ment for Sal­lah mer­ri­ment across the coun­try.

The two days trad­ing ses­sion oc­curred on Mon­day and Fri­day (to­day) leav­ing the trad­ing floor va­cated by in­vestors on Tues­day, Wed­nes­day and, un­ex­pect­edly, Thurs­day.

The NSE, Mon­day, an­nounced Thurs­day for re­sump­tion of ac­tiv­i­ties on the bourse.

Speak­ing with Daily Trust, Chuks Anyanwu, the head of re­search at GTI Se­cu­rity Lim­ited, said that low sen­ti­ment was ex­pected to drive the mar­ket to­day, adding: "Ac­tiv­i­ties can only com­mence fully on Mon­day, next week, with re­newed sen­ti­ment. But, ba­si­cally, this week can­not see much hap­pen­ings again."

While to­day's trad­ing out­come re­mained hang­ing, the week's open­ing ses­sion on Mon­day closed on the red ter­ri­tory, leav­ing both mar­ket cap­i­tal­i­sa­tion and NSE All-Share In­dex (ASI) de­pre­ci­at­ing by 1.03 per cent.

Eq­uity value on Mon­day shed N104bn and the ASI also lost 303.34 ba­sis points to close at N9.961trn and 29,002.06 ab­so­lute points re­spec­tively.

The ses­sion also saw mar­ket breadth clos­ing neg­a­tive as de­clin­ing stocks out­num­bered ad­vanc­ing ones in the ra­tio 31 to 10 while 7 other stocks closed un­changed.

In ad­di­tion to the recorded downslide in bench­mark in­dex, the week also kicked­off with a re­duced turnover of 142.837m shares, val­ued at N1.35bn traded in 3,321 deals, com­pared with 189.742m shares worth N2.226bn that ex­changed hands in 3,486 trans­ac­tions pre­vi­ous week.

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