Nigeria’s equities market closed in the negative territory at the weekend with benchmark index, the Nigerian Exchange (NGX) All Share Index, ASI, shed 0.2% down to 97, 236.19 points from 97,432.92 points the previous week.

Market capitalisation lost N118 billion Week-on-Week (WoW), to settle at N58.920 trillion.

The mixed sentiments and profit taking led to sell pressures in heavyweight stocks like Transcorp, which declined by 4.04% WoW, MTN Nigeria 3.43% WoW, and Airtel Africa 11.96% WoW were majorly responsible for the market’s downturn in the week, eclipsing an Aradel, which gained 8.91% WoW among others.

The buying interests in the energy sector and others during the week under review continued in the face of high volatility and continued portfolio rebalancing among market players on the strength of Q3 scorecards among other factors.

However, analysts revealed that many stocks on the NGX are undervalued with high upside potentials, as market players digest the recently submitted quarterly earnings reports that revealed the states of various companies on the NGX.

Already, some companies reported better than expected Q3 numbers that reveal value with high possibility of higher payout at the end of the current financial year as sector rotation continue in the midst of positioning for year-end seasonality and others.

On market outlook, analysts at InvestData Consulting stated: “We expect mixed sentiment and recovery to continue on low valuation, profit taking and positioning. Also, sector rotation and portfolio rebalancing continues in the market, with investors taking advantage of pullbacks to buy into value.

"This is amid the volatility and pullbacks that add more strength to upside potential. Consequently, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically”.