The local bourse closed down 0.11 percent week on week on Friday due to sluggish market momentum, with investors losing N39 billion.
According to The Punch, when compared to the previous week’s figures of N36.886 trillion and 67,395.74 basis points, the market capitalization and the Nigerian Exchange Limited All Share Index both ended trading lower at N36.847 trillion and 67,324.59, respectively.
However, the overall share turnover increased from the previous week’s total of 2.933 billion shares valued at N47.45 billion in 44,654 sales to 3.911 billion units worth N30.38 billion in 38,536 deals.
The Financial Services Industry topped the activity chart in terms of volume, trading 2.774 billion shares worth N15.24 billion in 16,379 deals, or 70.92% and 50.17% of the total stock turnover volume and value, respectively.
The Oil and Gas Industry came next, with 6,258 transactions totaling 438.508 million shares worth N5.20 billion. The ICT industry came in third with 3,078 transactions totaling 294.470 million shares worth N4.447 billion.
The top three stocks traded during the review period were Universal Insurance Plc, Oando Plc, and United Bank for Africa Plc (measured by volume), accounting for 2.212 billion shares worth N8.91 billion in 7,593 trades, and making up 56.56 percent and 29.32 percent of the total equity turnover volume and value respectively.
The week’s top gainer was the insurance industry, up 3.34 percent week over week, followed by the consumer goods (+2.98 percent), banking (+0.61 percent), and oil & gas (+0.56 percent) industries in that order. On the other hand, due to a drop in Dangote Cement prices, the Industrial Goods sector ended the week in the red by 4.80% week over week.
NGX 30, NGX Premium, NGX AFR Div Yield, NGX Lotus ll, NGX Industrial Goods, NGX Growth, and NGX Pension Broad were other indices that lost value over the course of the week, falling by 0.13 percent, 3.45 percent, 1.72 percent, 0.12 percent, 0.36 percent, and 0.14 percent, respectively, while the NGX ASeM index ended the week flat.
48 stocks saw their value increase during the week under review more than 32 stocks did during the week before. A price decline of 40 stocks was less than the price decline of 53 stocks the week before, while price stability of 67 stocks was less than the price stability of 70 stocks the week before.
Leading the gainers’ chart was Sunu Assurances whose share price rose by 32.91 percent to N1.05, Ellah Lakes Plc’s share appreciated by 28.79 percent to N3.30, E-Tranzact International Plc gained 28.57 percent to close at N9.45 per share, Chams Holdings’ shares rose by 19.09 percent to N1.31 and Abbey Mortgage Bank Plc took the fifth position on the gainers’ table after gaining 17.65 percent to close N2 per share.
Tantalizers led the losers’ table with a 21.05 percent decline to close at N0.30. Guinea Insurance lost 20.69 percent of the value of its share to close at N0.23, McNichols lost 13.33 percent to close trading at N0.65, and Secure Electronic Technology’s shares declined by 10.34 percent to close the trading week at N0.26.
Analysts predict that this week’s market will experience mixed emotions, with upward momentum being offset by profit-taking actions.
According to analysts at Cowry Asset Management Limited, Access Holdings’ half-year earnings releases “will fuel market uncertainty further, while investors are likely to continue in portfolio reshuffling in preparation for the quarter-end reporting season.”
