Bears persists to second consecutive week at NGX

The local stock market last week was not immune to the rout in global equities, as bearish sentiments persisted for the second consecutive week.

Accordingly, the All-Share Index shed 0.59 per cent week-on-week (W-o-W) to close at 49,370.62 points.

Investors, therefore, lose N158 billion from their net worth as market capitalisation follow similar trend to close the week at N26.629 trillion.

Particularly, sell-offs in bellwether stocks, Okomu Oil, Presco, Access Holdings and Lafarge Africa drove the weekly loss.

Sectoral performance was mixed, as the Banking index recorded a weekly gain of 0.7 per cent.The

Consumer Goods index up 3.0 per cent and the Industrial Goods index rose by 0.3 per cent W-o-W. On the other hand, the Insurance index dipped by 1.4 per cent, while Oil & Gas index shed 0.9 per cent W-o-W.

The market breadth for the week was negative as 21 equities appreciated in price, 41 equities depreciated in price, while 94 equities remained unchanged. Prestige Assurance led the gainers’ table by 18.18 per cent to close at 52 kobo, per share. Neimeth International Pharmaceuticals followed with a gain of 9.29 per cent to close at N1.53, while Sovereign Trust Insurance went up by 8.00 per cent to close to 27 kobo, per share.

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On the other side, Japaul Gold & Ventures led the decliners table by 23.68 per cent to close at 29 kobo, per share. Courteville Business Solutions followed with a loss of 21.43 per cent to close at 44 kobo, while University Press declined by 18.87 per cent to close at N1.72, per share.

Overall, a total turnover of 823.005 million shares worth N12.228 billion in 17,482 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.511 billion shares valued at N13.547 billion that exchanged hands the previous week in 20,074 deals.

The Financial Services Industry (measured by volume) led the activity chart with 561.683 million shares valued at N5.576 billion traded in 8,388 deals; contributing 68.25 per cent and 45.60 per cent to the total equity turnover volume and value respectively.

The ICT Industry followed with 91.819 million shares worth N1.478 billion in 1,532 deals, while the Consumer Goods Industry traded a turnover of 42.546 million shares worth N3.396 billion in 2,639 deals. Trading in the top three equities namely FBN Holdings (FBNH), e-Tranzact International and United Bank for Africa (UBA) accounted for 323.474 million shares worth N2.520 billion in 1,457 deals, contributing 39.30 per cent and 20.61 per cent to the total equity turnover volume and value respectively.

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Bears persists to second consecutive week at NGX