The negative trading pattern on the Nigerian exchange persisted into another week as investors lost N1.99tn.
The All-Share Index and market capitalization shed 3.44 percent week-on-week to 102,088.30 points and N55.86tn, respectively, on the back of weak sentiment, which was spurred by higher yields outlook in the fixed-income market.
The equity market has also witnessed portfolio rebalancing ahead of expected corporate earnings and the outcome of the Monetary Policy Committee meeting scheduled for Monday and Tuesday.
A look at the sectoral balance indicated that the insurance and industrial goods sectors were the least-performing indexes as they pared the previous week’s gains by 8.91 percent and 7.94 percent, trailing the banking index which closed the week in a weak region by 2.10 percent due to a sell-off in some bellwether banking stocks.
However, the Consumer goods (2.01 percent) and the Oil & Gas sectors (0.01 percent) experienced an upswing as investors showed further interest across those indices.
Trading activities throughout the week were also characterized by waning sentiments as a total turnover of 1.377 billion shares worth N31.58bn was traded in 42,040 deals, lower than 1.559 billion shares valued at N36.50bn that exchanged hands in 42,546 deals in the previous week.
In terms of Measurement by volume, the financial services industry led the activity chart with 960.519 million shares valued at N16.84bn traded in 19,669 deals, contributing 69.77 percent and 53.33 percent to the total equity turnover volume and value, respectively.
The conglomerate industry followed with 115.241 million shares worth N1.51bn in 2,859 deals, whilst the third place was the oil and gas industry, with a turnover of 80.866 million shares worth N1.72bn in 2,726 deals.
Trading in the top three equities namely Guaranty Trust Holding Company Plc, FBNHoldings Plc, and Transnational Corporation Plc (measured by volume) accounted for 343.584 million shares worth N9.43bn in 5,659 deals, contributing 24.96 percent and 29.86 percent to the total equity turnover volume and value, respectively.
Recall that last week, 14 equities appreciated; lower than 35 equities in the prior week, and 66 equities dipped; higher than 51 in the previous week, 74 equities remained unchanged, higher than 68 recorded in the previous week.
At the close of the week, Juli Plc, FBN Holdings, Geregu Power, and BUA Foods were investors’ toasts amid the cherry-picking activities as their share prices advanced by 59.18 percent, 10.71 percent, 9.32 percent, and 6.27 percent, respectively.
The laggards for the week were Morison Industries Plc, which lost 32.66 percent to close at N1.67; Consolidated Hallmark Holdings Plc lost 19.35 percent to close at N1.25 and Sterling Financial Holdings Company Plc lost 18.69 percent to close at N4.35.
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