The equities listed on the Nigerian Exchange Limited shed N117.03bn last week, with analysts attributing the market downturn to profit-taking by investors.
The NGX All-Share Index and market capitalisation declined by 0.57 per cent to close the week at 39,261.01 basis points and N20.456tn respectively, from 39,485.65bps and N20.57tn recorded the previous week.
At the end of trading on the floor of the exchange on Friday, the NGX Oil & Gas, NGX Industrial, NGX Banking and NGX Consumer Goods indices finished lower as the NGX Insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Meri Value and NGX Sovereign Bond indices appreciated by 0.79 per cent, 0.11 per cent, 0.03 per cent, 0.31 per cent and 0.65 per cent, respectively. The NGX ASeM and NGX Growth indices closed flat.
A total turnover of 1.34 billion shares worth N8.65bn in 19,830 deals were traded last week by investors, compared to a total of 1.03 billion shares valued at N8.18bn that exchanged hands in 18,102 deals the previous week.
Measured by volume, the financial services industry led the trading activity chart with 615.59 million shares valued at N4.19bn traded in 9,021 deals, thus contributing 45.99 per cent and 48.42 per cent to the total equity turnover volume and value respectively.
The conglomerates industry followed with 253.39 million shares worth N280.79m in 1,126 deals.
In third place was the consumer goods industry, with a turnover of 185.85 million shares worth N1.59bn in 4,107 deals.
Twenty-six equities gained during the week, lower than 35 in the previous week. Thirty-six equities declined in price, higher than 29 in the previous week, while 94 remained unchanged as against 92 equities recorded in the previous week.
Transcorp Hotels Plc saw the highest gains during the week, rising by 10.00 per cent to N5.17 per share. It was followed by Skyway Aviation Handling Company Plc with a 9.46 per cent increase to close at N4.05 per share.
Other top gainers during the week were Presco Plc (8.90 per cent), Cornerstone Insurance Plc (7.55 per cent) and AIICO Insurance Plc (5.10 per cent).
Meanwhile, the top three losers for the week were Oando Plc, whose share price declined by 15.21 per cent to N4.07; Mutual Benefits Assurance Plc, which dropped by 12.50 per cent to N0.28 per share; and Courteville Business Solutions Plc, whose share price fell by 12.12 per cent to N0.29.
Unity Bank Plc, Lasaco Assurance Plc and Linkage Assurance Plc also recorded major losses of 10.00 per cent, 9.74 per cent and 9.68 per cent last week.
“Profit-taking prevailed in the Nigeria local bourse as the market indicators declined by 0.57 per cent week-on-week, following the three consecutive declines in the early part of the week,” said analysts at Atlas Portfolios. “We expect investors sentiment to remain mixed in the coming week.”
“Bearish sentiments dominated the market this week, with the local bourse recording losses in three of the five trading sessions of the week, following sell-offs of large cap stocks including Nigerian Breweries Plc (-7.7 per cent), Dangote Cement Plc (-1.8 per cent) and Zenith Bank Plc (-1.2 per cent,” analysts at Cordros Capital said.
They added, “In the coming week, we expect earnings from the big banks, specifically GTCO and UBA, to drive buying sentiments on the bourse, as the declaration of interim dividends may likely accompany the results.”