Sentiments at NGX remained bearish as ASI lost 0.91%

Equities trading at the Nigerian Exchange Limited (NGX) closed bearish last week as the All-Share Index (ASI) declined by 0.91 per cent in the week ended 23rd September 2022.

This is against the 0.44 per cent growth recorded in the previous week. The benchmark index, ASI, depreciated by 0.91 per cent from 49,475.42 basis points recorded as of the end of last week to close the week at 49,026.62 index points, bringing the month-to-date performance of the Nigerian stock market to a negative 1.63 per cent and a year-to-date gain of 14.77 per cent.

Equities investments, therefore, went down by N241.61 billion in a week as the market capitalisation followed suit with the ASI to close at N26.445 trillion.

Following the broad-base bearish performance which was buoyed by sustained sell-pressure witnessed in tickers such as NGX Group, Cadbury, BUA Cement, Total Energies and Eternal, whose share prices dipped by 14 per cent, 14 per cent, 10 per cent, 10 per cent and 9 per cent, respectively, the sectorial performance ended in a lacklustre as indexes under our purview cleared lower except for the Banking index.

Last week, a total of 562.856 million shares valued at N9.438 billion were traded across 16,013 deals on the floor of The Exchange. This is greater than the 719.398 million units of shares valued at N8.004 billion that exchanged hands in the previous week in 17,444 deals.

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Similar to the previous week, the Financial Services Industry led the activity chart in terms of volume of shares traded with 381.958 million shares valued at N4.551 billion traded in 8,627 deals; thereby contributing 67.86 per cent and 48.21 per cent to the total equity turnover volume and value respectively.

The ICT Industry followed with 59.345 million shares worth N2.480 billion in 1,272 deals, while the Services Industry stood in third place with a turnover of 32.212 million shares worth N95.807 billion in 607 deals.

Trading in the top three equities by volume namely Zenith Bank Plc, NGX Group Plc and Guaranty Trust Holding Company Plc accounted for 183.929 million shares worth N3.499 billion in 3,628 deals, contributing 32.68 per cent and 37.07 per cent  to the total equity turnover volume and value respectively.

Similarly, 11 indexes finished lower, while five indexes appreciated with the exception of NGX ASeM Index, Growth Index and Sovereign Bond Index which remained unchanged.

17 equities appreciated in price during the week, higher than 13 equities in the previous week. 42 equities depreciated in price higher than 39 in the previous week, while 97 equities remained unchanged lower than 104 equities recorded in the previous week.

Going into the new week, analysts expect the market to sustain its bearish run as the nation head into the political campaign season and in the absence of a major catalyst to trigger bullish momentum as investors seeking alpha rebalance their portfolios in anticipation of the direction of the MPC next week. “However, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook amid the macro-dynamics which remains a headwind,” an analyst at Cowry Asset said.

GIBBERS: Rotimi Akeredolu, Omo Yoruba Atata

Sentiments at NGX remained bearish as ASI lost 0.91%

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Sentiments at NGX remained bearish as ASI lost 0.91%