Operators foresee mixed performance in equity market over Presidential Polls | Penzazo
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Operators foresee mixed performance in equity market over Presidential Polls
  • 25 Feb
  • 2019

Operators foresee mixed performance in equity market over Presidential Polls

Capital market operators on Monday predicted that the Nigeria equity market would experience mixed performance as investors await the result of the presidential election.

Some of them told the News Agency of Nigeria in Lagos that the market would also witness mixed performance during the week following investors “wait-and-see attitude” pending when INEC would announce the overall winner of the presidential election.

A chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, Mr Sola Oni, said that investors would likely adopt the waiting attitude at the moment.

 

He said that investors would only react to material information base on who wins the presidential election.

He said the direction of the market would be ascertained after INEC must have released the final results of the just concluded presidential and national assembly elections.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said that the market would experience mixed sessions in the new week as players would factor the outcome of the presidential election into their activities.

Omordion said that investors would also factor the results of the presidential election that were gradually tricking in and the 2018 audited results anticipated in the market.

“The ongoing volatility will persist as investors and fund managers reposition their portfolios, with eyes fixed on political space and ongoing full year company earnings position and post-election market dynamics,” he said.

Omordion advised investors to go for equities with intrinsic value to avoid unnecessary loss.

“We advise investors to allow numbers guide their decisions while repositioning in any stock, especially, now that stock prices remain low in the midst of mixed company numbers, weak economic and market fundamentals,” he stated.

NAN reports that a turnover of 1.48 billion shares worth N17.65 billion were traded by investors in 20,449 deals.

 

This was in contrast to a total of 2.83 billion shares valued at N28.14 billion exchanged in 28,739 deals in the previous week.

The financial services industry led the week’s activity chart with 1.04 billion shares worth N10.17 billion traded in 12,232 deals.

The sector contributed 70.07 per cent and 57.63 per cent to the total equity turnover volume and value respectively.

The conglomerates sector followed with 193.20 million shares worth N306.52 million in 1,330 deals.

The third place was consumer goods industry with a turnover of 72.042 million shares worth N4.381 billion in 2,990 deals.

The All-Share Index during the period declined by 199.68 points or 0.61 per cent to close at 32,515.52 against 32,715.20 achieved in the corresponding period.

Japaul Oil and Maritime Services led the gainers’ table in percentage terms, appreciating by 25 per cent or 5k to close at 25k per share.

Associated Bus Company followed with a gain of 23.81 per cent or 10k to close at 52k, while Ikeja Hotel appreciated by 17.68 per cent or 32k to close at N2.13 per share.

Conversely, Livestock Feeds recorded the highest loss in percentage terms, shedding 19.44 per cent or 14k to close at 58k per share.

Wema Bank trailed with a loss of 18.45 per cent or 19k to 84k, while Vitafoam declined by 16.32 per cent or 78k to close at N4 per share.

(NAN)

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