NGX reverses five-week gain as index dips by 0.22%

The Nigerian Exchange Limited All Share Index closed at 52,979.96 basis points, decreasing the weekly gain by 0.22 per cent, in the just concluded week, to halt five weeks consecutive gains. As a result, the index movement steeped southward, leaving investors at a loss of N64bn Week-on-Week, while the market capitalisation dropped to N28.56tn.

Royal Exchange, Academy Press, FTN Cocoa Processors, May and Baker Nigeria and Glaxo Smithkline Consumer Nigeria led the losers’ table, as their respective share prices declined by 25.49 per cent, 18.54 per cent, 15.79 per cent, 14.65 per cent and 12.03 per cent to close at N1.14, N1.23, 0.32k, N4.31 and N6.95.

While the domestic bourse witnessed bearish sentiment amid profit taking on some stocks, most of the sector gauges closed in positive territory amid sustained buy pressure. Notably, the insurance, oil and gas indices increased by 2.28 per cent and 0.30 per cent to close at 192.34bps and 556.29bps respectively.

A total turnover of 3.021 billion shares worth N31.78bn in 29,153 deals was traded by investors, in contrast to a total of 1.816 billion shares valued at N27.19bn that exchanged hands in the week before in 36,286 deals.

Measured by volume, the financial services industry led the activity chart with 2.244 billion shares valued at N12.399bn in 10,817 deals and contributed 74.30 per cent and 39.01 per cent to the total equity turnover volume and value respectively.

The conglomerates industry followed with 345.806 million shares worth N558.87m in 1,676 deals, while the consumer goods industry traded a turnover of 149.009 million shares worth N2.750 billion in 5,632 deals.

FCMB Group, Jaiz Bank and Transnational Corporation, measured by volume, accounted for 1.698 billion shares worth N4.095bn in 2,188 deals and contributed 56.21 per cent and 12.88 per cent to the total equity turnover volume and value respectively.

“We expect the domestic equities market to trade sideways as investors rebalance their portfolio in favour of high dividend paying stocks with good fundamentals,” analysts at Cowry Asset Management predicted for the new week.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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