Equities investors at the Nigerian Exchange Limited (NGX) earned N101 billion last week as the All-Share Index (ASI) and Market Capitalisation appreciated by 0.40 per cent to close the week at 47,328.42 basis points and N25.507 trillion respectively.
Similarly, all other indices finished higher with the exception of NGX Asem, NGX Meri Value, NGX consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Sovereign bond indices which depreciated by 1.17 per cent, 0.34 per cent, 1.06 per cent, 0.07 per cent, 0.01 per cent and 0.02 per cent respectively while the NGX Growth Index closed flat.
According to data from the NGX, investors on the floor of the local bourse traded a turnover of 1.668 billion shares worth N19.481 billion in 25,979 deals during the week under review.
This is in contrast to 1.713 billion shares valued at N30.764 billion that exchanged hands in 24,767 deals in the preceding week.
According to NGX, the Financial Services Industry, measured by volume, led the activity chart with 1.120 billion shares valued at N10.889 billion traded in 13,514 deals.
The figure contributed 67.13 per cent and 55.89 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 242.945 million shares worth N395.228 million in 1,418 deals.
The third place was the Consumer Goods Industry, with a turnover of 80.368 million shares worth N1.958 billion in 3,876 deals.
Trading in the top three equities was Transnational Corporation of Nigeria Plc, United Capital Plc and Zenith Bank Plc. They accounted for 491.673 million shares worth N5.411billion in 4,277 deals, thus contributing 29.48 per cent and 27.78 per cent to the total equity turnover volume and value respectively.
In the weeks ahead, Cordros Capital expect the NGX floor to be flooded with corporate earnings as more companies publish their audited 2021FY numbers, accompanied by dividend declarations.
“As things stand, we believe investors have fully priced-in dividend expectations. Hence, we think positive surprises from dividend-paying stocks would provide a catalyst for increased buying activities. Notwithstanding, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,” Cordros analysts advised in its report.
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