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Stocks listed in the oil and gas, industrial and consumer goods sub sectors on the Nigerian Stock Exchange are daily trailing their listed stocks in other sub segments as a result of which their sub sectoral indexes are the worst performing on the NSE year to date. When transactions ended last week, the NSE Oil & Gas Index closed at 302.23 representing negative 12.35 percent loss year to date. The NSE Industrial Index closed lower at 1,096.75 as against 1,237.88 at the beginning of the year just as the NSE Consumer Good Index ended the week at 669.53 in contrast to 748.83 and that amounted to -10.59 percent year to date.
Whereas the All Share Index (ASI) closed last week at 28,847.81 as against 31,430.50 on the last trading day of 2018, representing -8.22 percent YTD, by closing at -12.35 percent, -11.40 percent and -10.59 percent, the oil & gas, industrial and consumer goods sub sectoral indexes emerged the worst performing indexes on the NSE, as the stock components are among the laggards on the NSE.
Analysts across the capital market are of the views that while the equity valuations hold much promise for long term investors, there is need for triggers that will stimulate significant interest in the market.
“Looking ahead, we expect activities in the local bourse to remain tepid in absence of positive triggers that could spur massive buying interest. However, we do not rule out the possibility of intermittent gains in the market on the backdrop of bargain hunting of stocks with relatively cheap prices”, United Capital said in a note to clients.
Seven stocks make up the components of the NSE Industrial Index which are Conoil, Forte Oil, Mobil, MRS, Oando, Total and Seplat. Year to date, only Forte Oil … Read More...