LAGOS – Alhaji Rasheed Yussuf, the immediate past president, Association of Stockbroking Houses of Nigeria (ASHON) on Monday said that activities in the nation’s bourse and the economy would stabilise after 2015 general elections.
Yussuf told the News Agency of Nigeria (NAN) in Lagos that investors’ had developed “wait and see” attitude due to uncertainties surrounding the 2015 elections.
He said that political uncertainty was affecting market growth and economic development.
Yussuf, who is also the Managing Director of Trust Yield Securities Ltd., said the security challenges in the country affected investors’ confidence in spite of strong corporate results.
He said that many investors were waiting for positive news before re-entering the nation’s capital market.
He expressed optimism that the current profit taking by investors would create attractive entry points for value investors.
Yussuf, however, urged investors to take advantage of the low price of equities in anticipation of improved first quarter results to increase their stakes in the market.
Consequently, the All-Share Index lost 319.36 points or 0.82 per cent to close lower at 38,578.78 points as against 38,898.14 points achieved in the previous week.
The market capitalisation which opened at N12.791 trillion lost N91 billion to close at N12.700 trillion.
Associated Bus Company (ABC) topped the losers’ chart for the week under review, declining by 12.09 per cent or 11k to close at 80k per share.
Guinness trailed with 10.26 per cent or N19.50 to close at N71.32, while Cadbury dipped 9.72 per cent or N7.68 to close at N71.32 per share.
Costain West Africa Plc led the gainers’ chart, appreciating by 14.50 per cent or 19k to close at N1.50 per share.
Evans Medical followed with 11.82 per cent or 26k to close at N2.46, while Custodian and Allied Plc enhanced by 10 per cent or 22k to close at N2.42 per share.
Meanwhile, a turnover of 1.09 billion shares worth N13.39 billion were exchanged by investors’ in 19,078 deals last week against 2.06 billion shares worth N27.84 billion in 20,413 deals in the previous week.
The financial services led the week’s activity chart with 680.12 million shares valued N6.73 billion traded in 11,201 deals.
The ICT sector followed with 169.05 million shares worth N84.69 million achieved in 62 deals.
The third place was occupied by the services sector with 99.37 million shares worth N109.67 million accounted in 584 deals. (NAN)
