At the end of transactions last week, a turnover of 2.5 billion shares worth N38.6 billion was recorded in 36,138 deals by investors on the trading floor of the Nigerian Exchange Limited (NGX).
This volume of shares traded was, however, higher than a total of 2.4 billion units, valued at N22.7 billion that exchanged hands in 33,230 deals on November 24, 2023.
Precisely, the financial services industry (measured by volume) led the activity chart with 1.721 billion shares valued at N18.3 billion traded in 17,151 deals, thus contributing 67.7 per cent to the total equity turnover.
The conglomerates industry followed with 200.6 million shares worth N1.5 billion in 2,073 deals. The third place was the services industry, with a turnover of 122.025 million shares worth N376.1 million in 2,051 deals.
Trading in the top three equities namely Universal Insurance Plc, Access Holdings Plc and Transnational Corporation Plc (measured by volume) accounted for 660.4 million shares worth N4.8 billion in 4,194 deals, contributing 25.9 per cent to the total equity turnover volume and value respectively.
Further breakdown of last week’s transactions showed that a total of 43,318 units of bonds, valued at N10.9 million were traded in 308 deals compared to 135,257 units worth N22.336 million that was transacted in 509 deals during the preceding week.
Also, 17,903 units of exchange-traded products (ETPs) valued at N18.3 million were traded in 14 deals compared to a total of 3,613 units valued at N3.714 million transacted last week in 10 deals.
On the price movement chart, bargain hunting in Seplat (+10 per cent) and Nestle (+9.5 per cent) lifted the all-share index (ASI) by 0.3 per cent to close the week at 71,419.87 while market capitalisation closed at N39.082 trillion respectively.
Similarly, all other indices finished higher except NGX Main Board, NGX insurance, NGX AFR Div Yield, NGX MERI Growth, NGX Consumer Goods, NGX Industrial Goods and NGX Sovereign Bond which depreciated by 0.11 per cent, 2.03 per cent, 1.33 per cent, 0.57 per cent, 0.47 per cent, 1.23 per cent and 0.65 per cent respectively while the NGX ASeM index closed flat.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We expect the market to kick off the week on a positive note, as we anticipate that year-end dividend expectations stoke bullish sentiments in the equities space.”
Cordros Capital said: “Given the lack of notable positive catalysts to stimulate sentiments, we expect cautious trading to persist in the domestic bourse next week.
“Nonetheless, we reiterate the need for investors to seek positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.”
Thirty-two equities appreciated during the week lower than 59 equities in the previous week. 49 equities depreciated higher than 21 in the previous week, while 73 equities remained unchanged, lower than 76 recorded in the previous week.
