The Nigerian Exchange Limited All-Share Index and market capitalisation depreciated by 0.12 per cent to close last week’s trading at 43,199.27 basis points and N22.55tn on renewed sell-offs, especially on banking stocks such as Guaranty Trust Holding Company and Zenith Bank.
The week saw the local stock market close in negative territory, as investors lost N18bn after gaining over half a trillion naira in the week before.
A total turnover of 1.392 billion shares worth N27.89bn in 19,990 deals were traded by investors on the floor of the Exchange in the just concluded week. This was against the 1.471 billion shares valued at N20.94bn that exchanged hands the week before in 20,410 deals.
Measured by volume, the financial services industry led the activity chart with 1.082 billion shares valued at N11.58bn traded in 11,612 deals. The sector contributed 77.72 per cent and 41.52 per cent to the total equity turnover volume and value respectively.
The consumer goods industry followed with 105.796 million shares worth N11.83bn in 2,657 deals, and the conglomerates industry, with a turnover of 56.136 million shares worth N73.69m in 575 deals.
Contributing 45.85 per cent and 30.63 per cent to the total equity turnover volume and value respectively, trading in the top three equities, namely FBN Holdings, GTCO and Sterling Bank, measured by volume, accounted for 638.319 million shares worth N8.54bn in 4,116 deals.
Sectoral performance, however, closed in the red, as all the indices tracked closed southwards.
The banking, insurance, consumer goods, oil and gas, and industrial indices dipped by 1.60 per cent, 0.47 per cent, 1.41 per cent, 3.63 per cent and 0.10 per cent to close at 391.6bps, 176.79bps, 560.85bps, 368.03bps and 2,194.36bps respectively.
According to the NGX weekly report, 15 equities appreciated in price during the week, lower than 27 equities in the previous week. “While 49 equities depreciated in price, higher than 36 equities in the previous week, 92 equities remained unchanged lower than 93 equities recorded in the previous week.”
Still optimistic, market watchers expect the domestic bourse to close positive in the new week, as investors respond to the 4.03 per cent growth in Gross Domestic Product and 15.99 per cent in inflation rate.
“We feel investors will continue to position in those companies that have sound fundamentals,” analysts at Cowry Asset Management said.
