Equities investors trade N8.2bn shares in five days

Cautious trading dominated the local bourse last week, as investors traded 1.026 billion shares worth N8.183 billion in 18,102 deals.

This is in contrast to a total of 866.544 million shares valued at N12.257 billion that exchanged hands in 17,291 deals during the penultimate week.

The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) ended the week flattish at 39,485.65 basis points, having appreciated marginally by 0.01 per cent, while the market capitalisation settled at N20.573 trillion.

Consequently, the Month-to-Date (MtD) and Year-to-Date (YtD) returns were flat at +2.4 per cent and -2.0 per cent, respectively.

The week’s activities were impacted by bargain hunting activities in FBN Holdings, Access Bank, Zenith Bank and MTN Nigeria.

Activity levels were mixed, as trading volumes rose by 16.7 per cent w/w, while value traded declined by 33.5 per cent w/w.

The Financial Services Industry led the activity chart with 567.225 million shares valued at N3.658 billion traded in 7,970 deals; thus contributing 55.30 per cent and 44.70 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 126.638 million shares worth N1.164 billion in 1,073 deals. The third place was Consumer Goods, with a turnover of 90.497 million shares worth N1.454 billion in 3,344 deals.

Trading in the top three equities namely Sovereign Trust Insurance Plc, Mutual Benefits Assurance Plc Transnational Corporation of Nigeria Plc accounted for 247.735 million shares worth N114.399 million in 809 deals, contributing 24.15 per cent and 1.40 per cent to the total equity turnover volume and value respectively.

Considering the lull in the market last week, analysts believe earnings from the Big banks in the coming week will bring some breath of fresh air to the local bourse.

“Particularly, as the declaration of interim dividends will accompany the results. Overall, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” analysts at Cordros Capital said.

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Equities investors trade N8.2bn shares in five days