Bearish trend continues as NGX ASI dips by 0.91%

The Nigerian Exchange Group All-Share Index and market capitalisation depreciated by 0.91 per cent to close last week’s trade at 49,026.62 and N26.445tn.

The bearish trend, which had been marked with a series of red zones this September, saw a 0.44 per cent depreciation in the penultimate week.

Comparing last week’s report to that of penultimate week, analysts noted no bullish result in deals so far. 

Commenting on the report, Ezekiel Oluwayemi, said, “The bond was more traded two weeks ago than last week, and in all indications dealing on bonds fell this week by high price.” 

He noted the increase in the value of trades for last week, despite the low volume of deals.

His words, “In summary, the value in trading last week was much higher, even when the number of deals reduced. This could be the effect of high price in the items (stocks), which may be as a result of foreign market indices: even the foreign exchange is currently on the high side, which may cause a high price in commodities.”

All other indices finished lower with the exception of NGX Premium, NGX Banking,   NGXPension, NGX AFR Bank Value and NGX MERI Value, which appreciated by 0.13 per cent, 2.27per cent, 0.05 per cent, 0.08 per cent and 1.84 per cent, while The NGX ASeM, NGX Growth and NGX SOVBND indices closed flat.

Five hundred and sixty-two million, eight hundred and fifty-six thousand shares worth N9.438bn in 16,013 deals were traded  by investors on the floor of the Exchange, in contrast to 719.398 million shares valued at N8.004bn that exchanged hands penultimate week in 17,444 deals

The financial services industry (measured by volume) led the activity chart with 381.958 million shares valued at N4.551bn in 8,627 deals; thus contributing 67.86 per cent and 48.21 per cent to the total equity turnover   volume and value respectively. The   Information Communication and Technology followed with 59.345 million shares worth N2.480bn in 1,272 deals. The third place was the services industry, with a turnover of 32.212 million shares worth N95.807m in 607 deals.

Meanwhile, trading in the top three equities, Zenith Bank, NGX Group and GuarantyTrust Holding Company (measured by volume) accounted for 183.929 million shares worth N3.499bn in 3,628 deals, contributing 32.68 per cent and 37.07 per cent to the total equity turnover volume and value respectively.

Four thousand, nine hundred and thirty-eight units valued at N2.135m were traded in 18 deals compared against the previous week’s 2,172 units valued at N352,773.56 in 18 deals. 

Seventeen equities appreciated in price last week, higher than 13 equities in the previous week, while 42 equities depreciated in price higher than penultimate week’s 39, and 97 equities remained unchanged against 104 recorded penultimate week.

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