December 7, 2018
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) ended the first week of December 2018 on a quiet note, as the all-share index (ASI) closed the week largely flat -0.02 percent to 30,866.82 points.
“The ASI posted positive returns in three of the five sessions, which were effectively wiped off by the losses seen on Thursday and Monday’s sessions. Against that backdrop, the MtD posted negative return at -0.02 percent, while YtD loss notched mildly higher to -19.29 percent, respectively,” Cordros weekly update affirmed.
According to Cordros, on a sector basis, the Industrial Goods and Insurance sectors closed negative -2.1 percent and -3.1 percent apiece, while the Consumer Goods and the Banking sectors inched up +0.6 percent and +0.9 percent respectively, the Oil & Gas index grew by +2.0 percent to close positive.
“In the short to medium term, we expect the negative performance of the equities market to persist, amidst growing political concerns ahead 2019 elections, and absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term,” the Cordros weekly update added.