The cumulative result of equities trading on the floor of the Nigerian Exchange Limited (NGX) last week was negative for investors who recorded a net loss of N103 billion in three days during which the market was active.
The domestic bourse could not consolidate the gains of the prior week following pressure from profit-taking activities during the week.
Accordingly, the NGX All-Share Index declined marginally by 0.18% week-on-week, driven by losses in the shares of TRANSCOHOT (-10.0%) and MTN Nigeria (-2.7%).
Based on the preceding, the month-to-date and year-to-date returns settled at +0.4% and +33.4%, respectively as the NGX and market capitalisation of the stock market closed at 99,743.05 basis points and N56.424 trillion respectively.
Meanwhile, the sectorial analysis of the weekly trading data shows that performance was mixed, as the Consumer Goods index gained 0.3, while Oil & Gas and industrial goods indices followed suit with 0.2% and 0.1% respectively.
On the flip side, the Insurance index emerged the only negative index for the week with -1.3% decline while the Banking index closed flat.
Despite the shortened trading week however, activity level improved with trading volume and value increasing by 25.3% and 21.8%, respectively.
Investors traded a total turnover of 3.301 billion shares worth N53.157 billion in 27,536 deals during the week, in contrast to a total of 2.633 billion shares valued at N43.652 billion that exchanged hands the previous week in 33,709 deals.
Measured by volume, the Financial Services Industry led the activity chart with 3.040 billion shares valued at N46.362 billion traded in 13,695 deals; thus contributing 92.12% and 87.22% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 74.051 million shares worth N867.880 million in 1,906 deals, and the third place was the ICT Industry, with a turnover of 44.909 million shares worth N1.412 billion in 2,136 deals.
Trading in the top three equities namely Fidelity Bank Plc, FBN Holdings Plc and Veritas Kapital Assurance Plc also led the volume chart as the trio accounted for 2.469 billion shares worth N37.405 billion in 3,006 deals, contributing 74.80% and 70.37% to the total equity turnover volume and value respectively.
Commenting on the weekly trading results, analysts at Cordros capital envisage the domestic bourse to exhibit a choppy trading pattern this week as the lack of significant positive catalysts fuels investors’ cautious stance.
“In the medium term, we expect investors’ sentiments to be influenced by developments in the macroeconomic landscape and corporate actions,” they added.
