July 22, 2024

The financial services industry (measured by volume) led the activity chart with 1.1 billion shares valued at N23.2 billion traded in 19,896 deals, thus contributing 64.04 per cent and 43.8 per cent to the total equity turnover.
The conglomerates industry followed with 339.3 million shares worth N5.8 billion in 3,650 deals.

The third place was the consumer goods industry, with a turnover of 82.6 million shares worth N6.7 billion in 6,155 deals.
Trading in the top three equities namely Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc (measured by volume) accounted for 677.4 million shares worth N17.3 billion in 7,789 deals, contributing 38.21 per cent to the total equity turnover volume.
Consequently, a turnover of 1.7 billion shares worth N52.9 billion was recorded in 44,713 deals by investors on the floor of the Exchange, in contrast to a total of 2. billion shares valued at N108 billion that exchanged hands last week in 51,556 deals.
A total of 19,403 units of Exchange Traded Products (ETPs) valued at N8.1 million were traded in 79 deals compared with a total of 24,397 units valued at N8.9 million transacted last week in 136 deals.
Also, a total of 229,700 units of bonds, valued at N241 million were traded  in 31 deals last week,
compared with a total of 63,607 units valued at N63.4 million transacted last week in 27 deals.
On the price movement chart, the domestic bourse extended last week’s gains as strong buying interests in MTN Nigeria (+21.0 per cent) and Tier-1 Banking stocks lifted the All-Share Index higher by 3.7.per cent Week on Week to close at 105,085.25 points.
Consequently, the Month To Date and Year To Date returns increased to +5.1 per cent and +40.5 per cent, respectively. Activity levels remained weak as trading volume and value declined by 17.8 per cent WoW and 51.4 per cent WoW, respectively.

Meanwhile, sectoral performance was mixed, as the banking (+12.8 per cent), Insurance (+2.5 per cent), consumer goods (+1.4 per cent) and Industrial Goods (+0.2 per cent) indices advanced, while the Oil & Gas (-0.1 per cent) index declined.
Analysts at Codros Research said: “We expect investors to continue to cherry-pick fundamentally sound stocks, given the absence of any significant positive catalysts.

” However, the awaited earnings releases from the banks and accompanying dividend declarations may catalyze another rush of positive sentiments, supporting buying activities on the bourse.”
On what will shape the market in the next trading session, Vetiva Dealing and Brokerage said: “Despite the tilt towards the fixed income space, as volumes in the equity market dropped, the banking sector had an impressive week, returning 12.84 per cent WTD, while the ASI gained 3.71 per cent.
“This can be attributed to investors taking positions ahead of earnings and anticipated corporate disclosure. While rates are expected to remain slightly elevated, we still expect long-term investors to continue to take advantage of some of the decent entry levels in the equity market.”


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