Daily Market Performance: CommentaryAll Indices Point Down as Profit-taking Rules: Banking and Insurance Continue to Lead in Volume :: 
The market closed today with all indices pointing downwards, as what has been seen as a profit-taking move by some investors, kept the market depressed for the fourth day in a row. The all-share index shed 94 points (0.16%), an improvement on the previous day's drop of 614 points (1.05%). Worried investors are already shifting in their seats, but as knowledgeable market operators would say, that's the way of the market. In the short-term, prices characteristically will swing, sometimes even widely. A fairly long-term view of investment positions and a reasonably value-driven approach are one way to get the market dynamics in perspective. That way, unjustified panicky action that could cost the investor would be averted.
Investors again bought more heavily into financial sector stocks, with banking leading the day's trade and insurance in tow. Top volume position (79.19m units) was, however, held by Equity Assurance. Overall, market turnover declined 20.10% in units and 10.38% in value, apparently indicating a more cautious temperament. It's good to note, too, that while the number of stocks in price losses was still high at about 60, the loss values were more moderated that in the preceding three days, with most falling below the naira mark. The insurance stocks, which had lately risen significantly as investors bought heavily into the sector, has shed some of those gains in the current price slide. That should be attributed to profit-taking as investors who bought much earlier and have already made huge gains could deem it wise to appropriate their gains. Besides, the sector is obviously bowing to the overall market sentiment.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
