The All-Share Index and Market Capitalisation depreciated by 0.45 per cent to close at 51,979.92 and N28.031tn last week.
The week ended with a bearish sentiment, compared to a ricochet reported in the previous week.
For the penultimate week, ASI and Market Cap appreciated by 1.27 per cent and 1.28 per cent to close at 52,215.12 and N28.158tn respectively.
Trading on the floor of the NGX for the week was a turnover of 917.19 million shares worth N14.803bn in 19,513 deals, in contrast to 504.322 million shares valued at N7.517bn that exchanged hands last week in 12,393 deals.
The financial services industry, measured by volume, led the activity chart with 648.207 million shares valued at N6.258bn in 9,293 deals; thus contributing 70.63 per cent and 42.27 per cent to the total equity turnover volume and value respectively. The consumer goods industry followed with 102.605 million shares worth N3.211bn in 3,016 deals.
The third place was the conglomerates industry, with a turnover of 36.218 million shares worth N193.474m in 562 deals.
Trading in the top three equities namely United Bank For Africa, Guaranty Trust Holding Company and Access Holdings, measured by volume, accounted for 355.624 million shares worth N4.120bn in 3,486 deals, contributing 38.77 per cent and 27.83 per cent to the total equity turnover volume and value respectively.
Similarly, all other indices finished lower with the exception of the NGX Insurance, NGX MERI Growth, NGX Oil/Gas, NGX Growth and NGX Sovereign Bond Indices, which appreciated by 1.81 per cent, 1.01 per cent, 3.8 per cent, 0.41 per cent and 0.15 per cent, while the NGX ASeM index closed flat.
Eighteen equities appreciated in price during the week, lower than penultimate week’s 20. Thirty-six equities depreciated in price higher than 32 in the previous week, while 101 equities remained unchanged lower than 104 equities recorded in the previous week.
While analysts attribute the week’s performance to the recent announcement by the Monetary Policy Committee to increase the Monetary Policy Rate to 100 basis points, hope is expressed for a bullish trend in the coming week.
Financial Analyst, Ogidiaka Ovie, said, “Equity market, which started in green on the first day of trading, gradually dampened to red throughout the week. This saw a dip in the ASI and Market Cap by 0.45 per cent Week-on-Week.
“The turn of events, as compared to last week, may not be far-fetched from the MPC decision to hike the MPR by 100 basis points. This made investors to gun for fixed income investment to take advantage of the market.
“The market followed a similar pattern from last week (penultimate week), as the financial services industry led the chart in terms of volume of shares traded, the consumer goods industry came second and the conglomerate industry took third place.”
