Consequently, the All-Share Index and market capitalisation of the Nigerian Stock Exchange (NSE) depreciated by 2.65 per cent to close the week at 28,843.53 points and N14.857 trillion respectively.

All other indices finished lower with the exception of NSE Insurance and NSE Consumer Goods, which appreciated by 0.90 per cent and 0.09 per cent respectively, while NSE ASeM Index closed flat.

But analysts, at the weekend, said the mixed trend would continue in the midst of profit-taking and positioning by investors, as they take advantage of the pullbacks to recoup their investments.

Specifically, Codros Research said: “In the coming week, inflows from OMO maturities from instruments worth NGN327.56 billion are expected on the 4th and 6th of February. This should boost system liquidity towards the end of the week and result in the OVN rate trending southwards week-on-week.”

Afrinvest Securities Limited, added: “We believe that the market would continue this downtrend, especially as earnings released have been largely mixed and insufficient to boost investor confidence.”

The Chief Research Officer of Investdata Consulting, Ambrose Omordion, also noted: “We expect the mixed trend to continue in the midst of profit-taking and positioning by investors taking advantage of the pullbacks, as the impact of last week’s CRR adjustment, slows down ahead of the full-year earnings reporting season.

“This is also against the backdrop of capital wave in the financial market that may change in the midst of the unstable economic outlook for 2020.”