The nation’s equity market in the first trading week of the last quarter of the year recorded a mixed performance. It however succumbed to the downward pull, as all the sectorial indexes looked down, apparently not minding the earnings season that started last week with early fliers from the financial and manufacturing sectors releasing their numbers.
It may not be out of place to imagine that investors are conscious of not celebrating just yet, preferring to tarry awhile, until the peak of the season around the third week of the month. At that time, were up to 20 earnings reports will be hitting the market within a short time, including the major ones would have been made available.
Specifically, the Composite index NSEASI shed 500.18 points to close last week at 27,835.22 points, from an opening figure of 28,335.40 points, representing a 1.77% decline on a relatively improved volume of trades. This signals mixed sentiments on portfolio repositioning by traders and investors ahead of Q3 earnings season regardless of expected weak corporate profit as a result negative macroeconomic factors. Selling volume of total transactions for the week was 96%, while buying position was 4% to reverse the previous week’s bull transition.