The financial services industry dominated in volume terms at the end of last week’s transactions on the Nigerian Exchange Limited (NGX) with 1.136 billion shares valued at N8.2 billion traded in 10,700 deals.
The sector contributed 79.7 per cent to the total equity turnover volume. Following the financial sector last week, was the consumer goods industry with 76.52 million shares worth N1.4 billion in 3,076 deals.x
The conglomerates ranked third with a turnover of 58.222 million shares worth N186.293 million in 769 deals.
Trading in the top three equities namely FBN Holdings Plc, Access Bank Plc and Wema Bank Plc (measured by volume) accounted for 626.756 million shares worth N4.5 billion in 2,802 deals, contributing 43.95 per cent to the total equity turnover.
Consequently, a turnover of 1.426 billion shares worth N13.1 billion was recorded in 19,315 deals by investors on the floor of the exchange in contrast to a total of 1.338 billion units, valued at N8.7 billion that was exchanged in 19,830 deals during the preceding week.
Analysts at Cordros Capital said: “In the week ahead, we anticipate cautious trading in the bourse following the MPC meeting scheduled for next week.
“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”
Afrinvest Securities said: “In the absence of positive catalysts, we expect the weak performance to persist in the coming week.
Also traded last week was a total of 2,016 units valued of exchange-traded products (ETPs) worth N537, 038.08 were traded this week in 10 deals compared with a total of 54,468 units valued at N2.6 million exchanged in 19 deals during the preceding week.
Also, a total of 93,019 units of bonds, valued at N99.809 million were traded in 39 deals compared to a total of 100,152 units valued at N99.7 million transacted last week in 27 deals.
The NGX All-share index and market capitalisation depreciated by 0.86 per cent to close the week at 38,921.78 and N20.2 trillion respectively.
All other indices finished lower except NGX consumer goods, NGX oil/gas and NGX sovereign bond indices which appreciated by 0.18 per cent, 2.28 per cent and 0.26 per cent respectively, while equities in the previous week.