The Nigerian Stock Exchange All Share Index (NSE ASI) turned on Wednesday after an eight-day losing streak. The Index went below 23,000 points on Monday and Tuesday for the first time since July 2012. The rest of the week was positive albeit at a decreasing rate of change. The 3.91% on Wednesday and 1.51% on Thursday were enough to reverse the -4.10% change on Monday. The Index closed the week at 23,826.50 points, up 1.33% Week-on-Week (WoW). Year-to-date loss is -16.81%.

The sectoral indices however closed the week mixed.

The NSE Lotus Islamic Index (NSE LII) closed the week at 1,688.50, down -2.66% (WoW). Ironically, this is an improvement after closing at 1,619.38 points on Tuesday, a 52-week low. Year-to-date loss is -15.53%.


The Lotus Halal 15 ETF touched an all-time low on Tuesday at N7.66, it however closed the week at N7.94, down -4.57% (WoW). Year-to-date loss is -17.29%. The ETF was listed on 14 November 2014.

Is the recovery in the week a sign that the market has turned or is it merely a Dead Cat Bounce? The coming trading days will clarify matters especially as the next Monetary Policy Committee meeting takes place next week.

Market Data:

http://www.halalstocksnigeria.com/blog/stock-market-update-for-the-week-ended-friday-january-22-2016/