EQUITIES trading on the Nigerian Stock Exchange (NSE) reversed positive sentiments having turned negative after four consecutive weeks of gains.
Through the five trading session of last week, the local bourse recorded loses, thus the All-share index shed 0.54 per cent for the week to settle the Year-To-Date loss at -14.56 per cent.
Analyses of the performance by sectors indicates significant losses recorded in the industrial Goods and Banking sector dampened the market performance, after the indices respectively slid by -1.27 per cent and -1.16 per cent. Also, the insurance declined by 0.87 per cent and Oil and Gas by 0.43 per cent. Conversely, gain of +1.71 per cent recorded in the Consumer Goods sector could not withstand the losses.
A total turnover of 952.697 million shares worth N12.774 billion in 17,279 deals were traded during the week by investors on the floor of the Exchange in contrast to a total of 1.161 billion shares valued at N13.174 billion that exchanged hands last week in 18,142 deals.
The Financial Services industry (measured by volume) led the activity chart with 690.986 million shares valued at N6.787 billion traded in 10,718 deals; thus contributing 72.53 per cent and 53.13 per cent to the total equity turnover volume and value, respectively. The Conglomerates industry followed with 101.908 million shares worth N701.283 million in 974 deals. The third place was Consumer Goods industry with a turnover of 57.636 million shares worth N2.009 billion in 2,095 deals.
Trading in the Top Three Equities namely, FCMB Group Plc, Access Bank Plc and Zenith Bank Plc. (measured by volume) accounted for 334.221 million shares worth N3.116 billion in 3,684 deals, contributing 35.08 per cent and 24.39 per cent to the total equity turnover volume and value, respectively.
Cordros Research noted that given the risked off sentiment dominating the domestic market, the market is expected to shed points in the coming week, except we see a policy-driven catalyst.
“Nevertheless, valuations remain attractive, hence we expect pockets of gains over the final month of the year as fund and portfolio managers realign portfolios prior to the start of 2020,” experts noted spike at the end of today’s session.
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