The bears dictated proceedings in the domestic bourse, as profit-taking activities dominated market performance, with the All-Share Index (ASI) recording declines on all the trading days of the week.
Precisely, the NGX ASI declined by 2.6 per cent to close week at 42,167.91 points. The amounted to N595 billion loss, forcing the market capitalisation to lower at N22.003 trillion.
Notably, selloffs of large caps such as MTN Nigeria, Zenith Bank, GTCO, Seplat and Stanbic IBTC drove the weekly loss.
At the close of the week, the price of MTN share shed as much as -12.1 per cent. Zenith Bank depreciated by -3.5 per cent; GTCO lost -3.6 per cent, while Seplat and Stanbic nosedived by -6.5 per cent and -2.6 per cent respectively.
Consequently, the month-to-date (MTD) and year-to-date (YTD) return settled at -2.5 per cent and -4.7 per cent, accordingly.
The bearish mood of market also reflected on the turnover for the week as activity levels were weaker following 62.8 per cent and 43.9 per cent declines in volume and value traded.
The performances across sectors were broadly negative, as all our coverage indices – the Oil & Gas (-4.5 per cent), Banking (-2.3 per cent), Consumer Goods (-0.6 per cent) and Industrial Goods (-0.1 per cent) – save for the Insurance (+3.0 per cent) index recorded declines.
“We expect bearish sentiments to remain predominant next week without any positive triggers to turn the tide for Nigerian equities,” say analysts at Cordros Capital Limited. “Nonetheless, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”
According to trading statistics obtained from the Nigerian Exchange Limited (NGX), a total turnover of 1.278 billion shares worth N17.340 billion in 21,052 deals were traded during the week by investors.
This is lower compared to a total of 3.435 billion shares valued at N30.915 billion that exchanged hands the previous week in 21,109 deals
The Financial Services Industry (measured by volume) led the activity chart with 984.543 million shares valued at N10.247 billion traded in 11,029 deals; thus contributing 77.01 per cent and 59.09 per cent to the total equity turnover volume and value respectively.
Consumer Goods Industry followed with 78.724 million shares worth N2.328 billion in 3,137 deals, while the third place was the Conglomerates Industry, with a turnover of 48.730 million shares worth N69.840 million in 647 deals.
Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Holding Company Plc and Access Bank Plc (measured by volume) accounted for 470.731 million shares worth N6.571 billion in 3,887 deals, contributing 36.82 per cent and 37.90 per cent to the total equity turnover volume and value respectively.
During the week, investors traded Exchange traded Funds (ETFs) totaling of 13,481 units valued at N714,329.90 in 15 deals compared with a total of 147 units valued at N15,766.78 transacted the previous week in seven deals.
In the bond segment, investors traded a total of 3,344 units valued at N3.603 million in seven deals compared with the previous total of 31,275 units valued at N33.596 million transacted in 21 deals.
