Investors’ profit-taking on 43 shares down the equities market of the Nigerian Stock Exchange (NSE) by 0.01 per cent on Week-on-Week performance.
Specifically, the equities market settled for last week at 24,829.02 basis points, dropping by 23.43basis points from 24,829.02 basis points it opened for trading.
Investors took profits on large-cap stocks. However, significant interest in Airtel Africa (+10 per cent) and Nestle Nigeria Plc (+9.6per cent) in the last trading session of the week led the market to marginal gain for last week.
Thus, Month-to-Date and Year-to-Date losses printed -1.7per cent and -7.5per cent, respectively. Sectoral performance reflected the overall market sentiment, as all sector indices declined – Oil & Gas (-4.8per cent), Industrial Goods (-two per cent), Insurance (-1.6 per cent), Banking (-0.5per cent) and Consumer Goods (-0.01 per cent).
The weekly market report of the NSE stated that a total turnover of 739.375 million shares worth N8.563 billion in 17,248 deals were traded last week by investors on the floor of the Exchange.
The report stated that the financial services industry (measured by volume) led the activity chart with 457.851 million shares valued at N3.773 billion traded in 8,062 deals; thus contributing 61.92 per cent and 44.06 per cent to the total equity turnover volume and value respectively.
“The Consumer Goods Industry followed with 66.668 million shares worth N2.015 billion in 3,486 deals. The third place was the Oil and Gas industry, with a turnover of 63.255 million shares worth N380.146 million in 963 deals.
“Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Bank Plc and Zenith Bank Plc. (measured by volume) accounted for 211.351 million shares worth N3.042 billion in 3,623 deals, contributing 28.59per cent and 35.52 per cent to the total equity turnover volume and value respectively,” the report added.
Analysts at Cordros capital explained, “In our opinion, risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions. Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks.”