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At the conclusion of last week’s trades on the floor of the Nigerian Exchange Limited, the financial services sector led equity trading in terms of volume (NGX). 

With 398.3 million shares worth N2.2 billion moved in 8,247 deals, the sector topped the activity table. As a result, it made up 66.51 percent of the overall turnover in equity. 

ICT ranked third with a turnover of 30.7 million shares worth N8.3 million in 1,218 trades, while the conglomerate industry came in second with 37.5 million shares worth N49.5 million in 393 deals.

Trading in the top three stocks, Mutual Benefit, Sterling Bank, and Fidelity Bank Plc, contributed 30.3% of the total equity turnover with 181.3 million shares worth N248.9 billion in 854 deals. 

Investors transacted a total of 598.8 million shares worth N14.2 billion in 15,859 transactions, which is less than the total of 938.02 million units worth N16.701 billion that were transacted in 15,700 transactions the week prior. 

1,963 bonds worth N1.736 million were traded in six deals, as opposed to 14,672 bonds worth N14.269 million that were traded in eight deals the week before.

To end the week at 43,912.64 points and N23.918 trillion, respectively, the all-share index and market capitalization both lost 1.09 percent of their value. 

All other indices also ended lower, with the exception of those for the NGX-Main Board, NGX Banking, NGX MERI Value, and NGX Industrial, which increased by 0.83, 0.07, 1.21, and 0.34 percent, respectively, while the NGX ASeM and NGX Growth indices ended level. 

The recent trading session’s sell-off in DANGCEM (-10%) as well as losses in Airtel Afr (-2.8%) and GTCO (-3.2%) were major contributors to the weekly loss. 

As more Q3 scorecards hit the stock market, analysts forecast a continuing bulls rally.

Cordros Capital said:

We expect a mixed performance from the market in the week ahead as the bulls will likely increase their positions in light of decent corporate earnings released this week. On the other hand, we still see scope for intermittent profit-taking activities given the improving yields in the FI market. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”

Investdata Consulting Limited said:

“As more corporate numbers hit the market, the question on the lips of discerning investors is whether or not these Q3 earnings could help the NGX maintain this positive momentum.

“At the current market situation, understanding the big picture and the outlook of the expected financial reports of the companies in this changing business environment across the globe and locally will help market players reposition their portfolios. Meanwhile, bargain hunters are capitalising on the persisting low valuation in expectation of closing the gap in the future dates for profit. This is just as banking stocks are gaining attention, despite profit taking.”

On the price movement chart, 29 stocks increased in value this week, which is fewer than the 33 stocks that did so last week. While 97 stocks remained stable, 31 stocks lost value, which is more than the 29 stocks that did so the week before, and 95 stocks did not change price.


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