*Investors record N248bn loss
By Nkiruka Nnorom
Investment analysts have said that uncertainty over the direction of yields in the fixed income (FI) market will continue to keep the domestic stock exchange in the red zone, even as the market ended the first week of March on a negative note.
They, however, said that investors may take advantage of moderation in share prices to re-enter the market.
Their prediction is coming on the heels of N248 billion lost by investors last week as the bears continued to rule the market, despite the positive 2020 full year earnings and dividend announcements by corporates.
Consequently, the All Share Index (ASI) and the market capitalisation declined by 1.2 percent each to close at 39,331.61 points and N20.575 trillion respectively as the benchmark index fell four out of the five trading days of the week. Accordingly, the Year-to-Date (YTD) return dipped further into negative territory, settling at -2.3 percent.
Breakdown of trading activities within the week shows that sell-off in blue chip stocks, including Nestle Nigeria Plc (-6.9%), Flourmills of Nigeria Plc (-6.4%), Nigerian Breweries Plc (-4.8%) and MTN Nigeria Communication