NSE: Sell-offs reduce gains at 0.03%

Published by

5 years ago

Equities trading activities on the Nigerian Stock Exchange last week ended with marginal increase in the indicators as the All Share Index closed marginally higher at 0.03 per cent, with the year-to-date return settling slightly higher at 10.4 per cent.

The NSE All-Share Index and Market Capitalisation both appreciated by 0.03 per cent to close the week at 29,628.84 and N15.262 trillion respectively.

Performances were mixed on the local bourse as cement sub-sector driven gains were offset by selloffs across the equities of companies in the Consumer Goods and Banking sectors.

Analysing performances by sectors, the Industrial Goods index led gains at 5.1 per cent following investors’ interest in Dangote Cement shares BUA Cement’s and WAPCO.

Similarly, gains were recorded in the Insurance and Oil & Gas sectors. However, the Consumer Goods (-3.6 per cent) and Banking (-2.6 per cent) sectors recorded losses, following selloffs of Nestle (-6.1 per cent) and Guaranty Trust Bank (-4.2 per cent).

A total turnover of 1.237 billion shares worth N22.762 billion in 21,156 deals were traded during the week in contrast to a total of 2.087 billion shares valued at N26.470 billion that exchanged hands in the preceding week in 24,262 deals.

The Financial Services industry, measured by volume, led the activity chart with 837.345 million shares valued at N10.511 billion traded in 12,041 deals; thus contributing 67.69 per cent and 46.17 per cent to the total equity turnover volume and value respectively.

The Industrial Goods followed with 154.540 million shares worth N2.998 billion in 2,862 deals. The third place was ICT industry, with a turnover of 52.709 million shares worth N1.262 billion in 709 deals.

Trading in the top three equities were -Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc., measured by volume, accounted for 421.765 million shares worth N8.769 billion in 5,886 deals, contributing 34.10 per cent and 38.52 per cent to the total equity turnover volume and value respectively.

Looking ahead, analyst at Cordros Capital expect profit-taking to continue in the coming week. “We still see significant legroom for a further rally as the elevated maturities from fixed income instruments hunt for investment vehicles. Nonetheless, we advise investors to cherry-pick fundamentally sound stocks.”