GTCO, Mutual Benefit, FBNH lift NGX turnover by N11.9b

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By Habibat Aliu

Trading in the shares of Guaranty Trust Holding Company (GTCO), Mutual Benefits Assurance, and FBN Holdings at the weekend lifted the volume of shares traded as a turnover of 491.8 million shares worth N11.9 billion was recorded in 14,350 deals by investors on the floor of the Exchange
The volume of shares traded was, however, higher than a total of 5.9 billion units valued at N8.8 billion that exchanged hands in 17 deals during the preceding week.
The top three equities accounted for 211 million shares worth N2.5 billion in 2,834 deals, contributing 42.92 per cent to total turnover.
On the sectoral activity chart, the financial services industry (measured by volume) led the chart with 346.6 million shares valued at N3.8 billion traded in 7,427 deals.
The sector contributed 70.49 per cent to the total equity turnover volume. The ICT industry followed with 40.5 million units worth N3.9 billion in 1,060 deals.
The conglomerate’s industry ranked third with a turnover of 20.3 million shares worth N28.9 million in 356 deals.
The Nigerian Exchange Limited (NGX) All-Share index and market capitalisation appreciated by 0.46 per cent to close the week at 47,569.04 and N25.9 trillion respectively.
Similarly, all other indices finished higher except NGX Premium, NGX Consumer Goods, and NGX Oil & Gas which depreciated by 0.10 per cent, 0.74 per cent, and 2.13 per cent respectively. The NGX ASM and NGX Growth indices closed flat.
The market opened for four trading days last week as the Federal government declared Monday, October 10, 2022, a holiday to commemorate the 2022 Eid-el Maulud celebration.
Gains in BUA Cement (+8.7 per cent), and some tier-1 banks — GTCO (+5.3 per cent), AccessCorp (+5.3 per cent), and Zenith Bank (+2.3 per cent) spurred the weekly gain.

Reacting to market performance, analysts at Cordros Research said: “In the week ahead, we believe investors will remain reluctant to leave gains in the market.

“As such, we expect intermittent profit-taking to persist. However, we expect this to be tempered by bargain-hunting activities from early birds ahead of the Q3-22 earnings season. “Notwithstanding, we advise investors to take positions in only fundamentally sound stocks as the fragility of the macro environment remains a significant headwind for corporate earnings.”
Chief Executive Office of Investdata Consulting said despite the lingering high-interest rates, rising inflation, and slowing industrial output as a result of policy changes and uncertainty around the globe, some stocks are still upbeat.
He urged investors to make an appropriate investment decision as the movement in share price creates buying opportunities in some sectors with high dividend yields.

A total of 1,192 units of Exchange Traded Products (ETPs) valued at N2 million were traded last week in 28 deals compared
to a total of 1,667 units valued at N264,986.25 transacted in 19 deals.
13,882 units of bonds, valued at N13.9 million were traded last week in 12 deals compared to a total of 4,649 units valued at N4.8 million transacted last week in 16 deals.
On the price movement chart, 25 equities appreciated during the week, higher than 11
equities in the previous week.
24 equities depreciated lower than 46 in the previous week, while 108 equities remained
unchanged higher than 100 equities recorded in the previous week.