Equities investors stakes N27.92bn on bearish week

A total turnover of 2.940 billion shares worth N27.924 billion in 28,570 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 4.426 billion shares valued at N24.236 billion that exchanged hands last week in 29,573 deals.

By the end of the week, the market indicator, All Share Index recorded 113bps loss at 42638.83 points to augment previous week’s loss of 339bps while market capitalisation sized down by N18 billion to a present close of N15.30 trillion. Similarly, the bears retain control of market tempo as more equities shed weight in all save for 4th trading session

Specifically, the ASI opened the week down 90bps to expand the southward momentum in the second trading session with 241bps. It halted bearish run on the third trading session to sustain it down the week with a positive close of 111bps, 103bps and 8bps respectively. The equities market quite stabilised against further sells pressure as value investors appear to be taking advantage of prevailing price levels.

During the week under review, the Financial Services Industry (measured by volume) led the activity chart with 2.174 billion shares valued at N17.033 billion traded in 19,013 deals; thus contributing 73.96 per cent and 61.00 per cent to the total equity turnover volume and value respectively. The Services Industry followed with 232.482 million shares worth N216.990 million in 734 deals. The third place was occupied by Conglomerates Industry with a turnover of 170.422 million shares worth N499.400 million in 1,578 deals.

Trading in the Top Three Equities last week were Linkage Assurance Plc, Skye Bank Plc and FCMB Group Plc (measured by volume). They accounted for 809.798 million shares worth N1.130 billion in 2,551 deals, contributing 27.55 per cent and 4.04 per cent to the total equity turnover volume and value respectively.