Passive session today as stocks resume on N104bn loss
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.