Dwindling economic fortunes, rising COVID-19 cases depress NSE’s index by 1.41%
Despite buying interest in some blue-chip, the dwindling economic fortunes triggered by the rising cases of COVID-19 in Nigeria have continued to depress transactions on the equities sector of the Nigerian Stock Exchange (NSE ).
Specifically, at the close of trading last week, the NSE All-Share Index and market capitalisation depreciated by 1.41% to close the week at 22,599.38 and N11.778 trillion respectively.
Analysts believed that in the midst of the oscillating trend, divergence market performance and economic situation, the smart money would continue to push prices up and down, as investors review the emerging 2019 full-year and 2020 quarterly earnings reports.
According to them, this is typical of a recovering market and should not result in any form of panic selling.
Precisely, the chief executive officer of Investdata consulting, Ambrose Omordion said:”.This should rather offer an opportunity for intelligent investors and traders who missed out in the earlier recovery moves to take advantage of any correction for realigning their portfolios.” Source:https://guardian.ng/business-services/dwindling-economic-fortunes-rising-covid-19-cases-depress-nses-index-by-1-41/