By Audrey Loechukwu
SAT 08 MAY, 2021-theGBJournal- NGX Exchange data shows that a total turnover of 1.419 billion shares worth N15.918 billion in 18,459 deals were traded this week by investors on the floor of the Exchange amid bearish sentiments during the week’s four trading sessions dominated by profit taking on bellwether stocks.
This is in contrast to a total of 1.441 billion shares valued at N10.883 billion that exchanged hands last week in 19,614 deals.
Accordingly, the All-Share Index shed 1.6% w/w to close at 39,198.75 points. Consequently, the YTD returns moderated to -2.7%. Similarly, all other indices finished lower with the exception of NSE Banking, NSE Pension, NSE-AFR Div Yield, NSE MERI Value, NSE Consumer Goods and NSE Oil/Gas Indices which appreciated by 0.62%, 0.35%, 1.12%, 1,66%, 0.62% and 5.98% respectively, while the NSE ASeM Index closed flat.
Trading in the top three equities namely Access Bank Plc, FBN Holdings Plc and Zenith Bank Plc (measured by volume) accounted for 609.988 million shares worth N6.593 billion in 4,870 deals, contributing 43.00% and 41.42% to the total equity turnover volume and value respectively.
Overall, activity levels were mixed, as trading volumes declined by -3.8% w/w while value traded rose by 41.8% w/w. Notably, profit-taking in STANBIC (-6.0%), MTNN (-4.1%), GUARANTY (-2.8%), and DANGCEM (-2.5%) drove the weekly loss.
Sectoral performance was broadly positive as the Oil and Gas (+5.3%), Consumer Goods (+0.6%), and Banking (+0.6%) indices recorded gains. On the flip side, the Insurance (-2.2%) and Industrial Goods (-1.6%) indices closed in the red.
The Financial Services Industry (measured by volume) led the activity chart with 1.069 billion shares valued at N9.531 billion traded in 10,907 deals; thus contributing 75.34% and 59.88% to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 60.762 million shares worth N2.005 billion in 1,070 deals. The third place was Consumer Goods Industry, with a turnover of 57.023 million shares worth N1.029 billion in 2,831 deals.
31 equities appreciated in price during the week, lower than 36 in the previous week. 37 equities depreciated in price lower than 41 equities in the previous week, while 92 equities remained unchanged, higher than eighty-five 85 equities recorded in the previous week.
With the Q1-21 earnings season now out of the way, analysts a Cordros Research tells theGBJournal that they believe a “choppy theme” will be the order of the day as investors keep their gaze on yield movements in the FI market.
‘’The bears will likely maintain dominance as the absence of positive triggers will limit buying interest from the bulls. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings,’’ Cordros said.