By Meristem Research
The Nigerian bourse closed the week in the negative territory, as NSEASI pared by 0.34% WoW to settle the year-to-date return at 35.68%.
Market breadth closed at 0.92x reflecting thirty-three (33) gainers and thirty-six (36) losers in the week.
NASCON (+20.76%) was the best performing stock to close the week at NGN15.94 while CUTIX (-22.31%) witnessed the highest share price decline to close the week at NGN2.02.
We attribute the Nigerian bourse’s performance in the week to sell sentiments which prevailed bellwether stocks in the industrial and consumer goods space.
As more companies try to meet up with the deadline for result submission, we expect the release of more scorecards at the beginning of the week.
Also, the MSCI announced its decision to retain the MSCI Nigeria indexes in the MSCI frontier market indexes, however, index review changes will be announced together with the November semi-annual index review.
We expect this to drive positive sentiments on some of the stocks in the Nigeria indexes.
While we still expect trickles of profit taking on some counters, we expect the buy pressures to outweigh the sell, resulting in a positive week-on-week close.
Dipo Olowookere 
Adedapo Adesanya