The Nigerian Exchange Limited has recorded another week of loss, as the All-Share Index and market capitalisation depreciated by 0.67 per cent to close at 46,964.23 and N25.31tn respectively.
In this past week, the local stock market sustained its profit-taking activity, as investors sold their shares ahead of corporate financial releases.
While investors lost N172bn, they took profit on shares of RTBriscoe Nigeria, UPDC and Guaranty Trust Holding Co, as their share prices fell by 17.50 per cent, 12 per cent and 11.64 per cent to close as 0.66k, 0.88k and N23.15.
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In the same vein, all sector gauges closed in the negative territory amid profit-taking. The banking, insurance, consumer goods, oil and gas as well as industrial goods indices decreased by 0.66 per cent, 1.40 per cent, 1.10 per cent, 0.02 per cent and 0.02 per cent respectively to close at 440.79 points, 185.53 points, 564.50 points, 442.02 points and 2,116.52 points respectively.
A turnover of 1.176 billion shares worth N16.60bn in 21,076 deals was traded in the week under review by investors on the floor of NGX, in contrast to a total of 2.449 billion shares valued at N20.65bn that exchanged hands the previous week in 20,764 deals.
Measured by volume, the financial services industry led the activity chart with 954.472 million shares valued at N10.22bn in 12,700 deals and contributed 81.14 per cent and 61.55 per cent to the total equity turnover volume and value respectively. The consumer goods industry followed with 63.728 million shares worth N3.44bn in 2,720 deals, while the conglomerates industry posted a turnover of 53.313 million shares worth N258.57m in 711 deals.
Trading in the top three equities namely Fidelity Bank, United Bank For Africa and GTCO, measured by volume, accounted for 456.971 million shares worth N4.47bn in 4,982 deals and contributed 38.85 per cent and 26.92 per cent to the total equity turnover volume and value respectively.
In the new week, we expect the NGX ASI to close in the green territory amid further releases of year-end corporate financial results and dividend declarations, according to analysts at Cowry Asset Management.
“However, we expect some share prices to be marked down in the coming week, a move that could dent the bullish sentiment in the equities market,” they added.
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