Local stock halts bullish trend, sheds 0.2% WoW loss

The Nigerian equities market halts its weekly bullish trend last week, to close the benchmark index 0.2 per lower.

The five-week bullish run came to a halt last week, as investors took profits off dividend-paying stocks.

Precisely, the local bourse recorded losses in three of the five trading sessions of the week under review, following profit-taking in the shares of Okomu Oil, BUA Foods, Guaranty Trust Holding Company, Seplat and MTN Nigeria.

The All-Share Index (ASI) and market capitalisation of the Nigerian Exchange Limited (NGX) depreciated by 0.16 per cent to close the week at 47,202.30 basis points and N25.436 trillion respectively.

Accordingly, the Month-to-Date (MtD) and Year-to-Date (YtD) returns moderated to 1.2 per cent and 10.5 per cent, respectively.

Similarly, all other indices finished lower with the exception of NGX 30, NGX Banking, NGX Pension, NGX Insurance, NGX AFR Bank, NGX AFR Div. Yield, NGX Meri Value, NGX Consumer Goods, NGX Oil & Gas, and NGX industrial Goods indices, which appreciated by 0.07 per cent, 2.34 per cent, 0.46 per cent,1.51 per cent, 0.32 per cent, 4.78 per cent, 2.03 per cent, 1.35 per cent, 0.29 per, and 0.06 per cent, while the NGX Growth Index closed flat.

Activity levels at the local bourse were mixed during the week under review as volume traded declined by 25.4 per cent WoW, while value traded rose by 15.4 per cent WoW.

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A total turnover of 1.331 billion shares worth N22.700 billion in 24,039 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.785 billion shares valued at N19.614 billion that exchanged hands last week in 27,822 deals.

The Financial Services Industry, measured by volume, led the activity chart with 886.121 million shares valued at N10.058 billion traded in 11.563 deals; thus contributing 66.60 per cent and 44.31 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 107.592 million shares worth N4.472 billion in 3,833 deals. The third place was The Conglomerates Industry, with a turnover of 102.192 million shares worth N198.077 million in 1,008 deals.

Last week, Access Bank Plc, Guaranty Trust Holding Company Plc, and Fidelity Bank Plc, were the top three equities, measured by volume. They accounted for 316.758 million shares worth N4.353 billion in 3,476 deals, contributing 23.80 per cent and 19.18 per cent to the total equity turnover volume and value respectively.

This week, analysts believed investors would remain reluctant to leave gains in the market. “As such, we expect intermittent profit-taking to continue due to uncertainties about the direction of yields in the FI market,” analyst at Cordros said.

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Local stock halts bullish trend, sheds 0.2% WoW loss

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Local stock halts bullish trend, sheds 0.2% WoW loss