Categories: Business

Equities investors lose N64bn as ASI dips by 0.22% (WoW)

Last week equities trading at the Nigerian Exchange Limited (NGX) was negative as the equities market reversed its bullish position from the previous week to deliver a bearish performance.

Specifically, the All-Share Index (ASI) lost 0.22 per cent in the week ended 20th May 2022, as against the 4.25 per cent growth recorded in the previous week, thus closing the week at 52,979.96 basis points.

Therefore investors earned, over the five-day trading sessions lost N64 billion as the market capitalisation followed the direction of the ASI to close at N28.562 trillion as against the previous week’s close N28.626.

This brings the month-to-date performance of the Nigerian stock market to +6.73 per cent and a year-to-date gain of 24.03 per cent.

Activities at the local bourse, however, went uptick as total of 3.02 billion shares valued at N31.78 billion were traded during the week, higher than the 1.82 billion units of shares valued at N27.19 billion that exchanged hands in the penultimate week in 36,286 deals.

The Financial Services Industry led the activity chart in terms of volume of shares traded with 2.24 million shares valued at N12.40 billion traded in 10,817 deals; hereby contributing 74.30 per cent and 39.01 per cent to the total equity turnover volume and value respectively.

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The Conglomerates Industry followed with 345.81 million shares worth N558.87 million in 1,676 deals, while the Consumer Goods Industry stood in third place with a turnover of 149.01 million shares worth N2.75 billion in 5,632 deals.

During the week under review, FCMB Group Plc, Jaiz Bank Plc, and Transcorp Plc were the top three equities traded by volume. They accounted for 1.70 billion shares worth N4.10 billion in 2,188 deals, contributing 56.21 per cent and 12.88 per cent to the total equity turnover volume and value respectively.

Similarly, all other indices finished lower with the exception of NGX-Main Board Index, NGX Insurance Index, NGX MERI Growth Index, and NGX Oil & Gas Index, respectively. While NGX Sovereign Index and NGX AseM index closed flat.

Looking ahead, analysts believe that investors would be focused on the outcome of the MPC meeting scheduled to hold next week to gain further clarity on the movement of yields in the FI market.

“As a result, we envisage cautious buying actions from investors interested in cyclical stocks with attractive dividend yields. Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts at Cordros Securities said.

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Equities investors lose N64bn as ASI dips by 0.22% (WoW)

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Equities investors lose N64bn as ASI dips by 0.22% (WoW)

Kehinde Akinseinde-Jayeoba