Bearish trend heralds October trading at NGX

Following a consistent bearish trading in September, the Nigerian Exchange Limited All-Share Index also closed red in the first week of October to continue the bearish trend.

The NGX ASI depreciated by 3.41 per cent to close the week at 47,351.43, while market capitalisation depreciated by 2.50 per cent to close at N25.79tn. Similarly, all other indices finished lower except for the NGX ASeM, NGX Growth and NGX Sovereign Bond indices, which closed flat.

The market opened for four trading days last week, as the Federal Government declared Monday, October 3, a Public Holiday to mark the country’s 62nd Independence anniversary.

A turnover of 586.939 million shares worth N8.837bn in 17,183 deals was traded by investors on the floor of the exchange, against 1.005 billion shares valued at N10.406bn that exchanged hands penultimate week in 17,844 deals.

The financial services industry (measured by volume) led the activity chart with 393.814 million shares valued at N4.660bn in 9,168 deals; thus contributing 67.1 per cent and 52.73 per cent to the total equity turnover volume and value respectively. The Information and Communications Technology industry followed with 48.178 million shares worth N1.203bn in 1,294 deals. The third place was the conglomerates industry, with a turnover of 40.135 million shares worth N44.406m in 513 deals.

The top three equities, Guaranty Trust Holding Company, Sterling Bank and Zenith Bank, (measured by volume) accounted for 239.637 million shares worth N3.546bn in 4,375 deals, contributing 40.83 per cent and 40.13 per cent to the total equity turnover volume and value respectively.

One thousand, six hundred and sixty-seven units valued at N264,986.25 were traded last week in 19 deals compared to penultimate week ‘s 5,937 units valued at N21.716m in 18 deals.

Eleven equities appreciated in price last week, against 25 recorded penultimate week. Forty-six equities depreciated in price against 33 penultimate week, while 100 equities remained unchanged against penultimate week’s 98.

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