FBNH, Zenith, GTBank make top traded stocks list

THE trio of First Bank of Nigeria Holdings (FBNH), Zenith Bank and Guaranty Trust Bank have made the list of top traded stocks by volume in the Nigerian Stock Exchange.

Breakdown of the stocks are as follows:  FBNH, 229.1 million units; GTBank, 110.6 million units and Zenith Bank with 99.2 million units while trades by value saw GTB on top, coasting home with N3.4 billion, Zenith N2.5 billion, and FBNH with N1.7 billion.

Meanwhile, performance in general was bearish across sectors as four of five indices under some brokers’ coverage closed in the red when compared week by week (w/w). On the other hand, the Oil & Gas and Banking indices closed in the green, up 4.6 performance and 0.5 performance, respectively, due to buying interest in Oando (+7.7 per cent), SEPLAT (+7.1 per cent), Ecobank Transnational Incorporated (+4.5 per cent), and Fidelity Bank (+3.3 per cent).

Traders say Nigerian equities entered the fourth day of a slide on Friday, dropping by 0.06 per cent as week-to-date loss topped N130 billion and investors continued to cast their glances in the way of improving yields in fixed income securities.

The bourse of Africa’s biggest economy has been caught in a tailspin since the start of February with 13 out of the 15 trading sessions recorded so far ending in losses.

Investors in the hunt for greater returns on investment are increasingly selling off stocks and ploughing the proceeds in bonds and treasury bills at a time majority of companies’ earnings reports for 2020 are yet to be issued.

“With the latest outcome of the NTB auction pointing towards yield elevation in the near term, we expect investors to trade cautiously while taking positions in stocks with attractive dividend yields,” analysts at broker Cordros Capital said this week.

“As a result, we expect the local bourse to exhibit a zig-zag pattern in the near term as the opposing forces of uptick in yields and full-year 2020 corporate earnings releases dictate market performance.”

Depreciation in the shares of FBN Holdings, Stanbic IBTC and WAPCO was largely responsible for the Friday’s underwhelming performance.

Falls in the insurance and the oil and gas indices by 1.83 per cent and 1.82 per cent, respectively, also stoked loss. A negative market breadth was recorded as 20 laggards emerged against 18 gainers.

The All-Share Index (ASI) edged lower to 40,186.70 index points, while market capitalization slipped to N21.026 trillion.


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