NSE extends weekly decline by 1.17%

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Trading activities on the floor of Nigerian Stock Exchange (NSE) at the weekend sustained downward trend as the NSE All-Share Index and Market Capitalisation depreciated by 1.17 per cent to close the week at 27,306.81 and N13.307 trillion respectively.

Similarly, all other indices finished lower with the exception of NSE Industrial Goods index, which appreciated by 1.32 per cent, while NSE ASeM index closed flat.

A total turnover of 1.081 billion shares worth N12.014 billion in 16,246 deals were traded last week by investors on the floor of the exchange in contrast to a total of 759.266 million shares valued at N14.038 billion that exchanged hands the previous week in 16,209 deals.

The Financial services industry (measured by volume) led the activity chart with 900.334 million shares valued at N9.076 billion traded in 8,693 deals; thus contributing 83.30 per cent and 75.54 per cent to the total equity turnover volume and value respectively.

Conglomerates followed with 51.224 million shares worth N64.388 million in 897 deals. The third place was Consumer goods with a turnover of 40.906 million shares worth N946.210 million in 3,090 deals.

Trading in the top three equities namely, Sterling Bank Plc., Guaranty Trust Bank Plc. and Access Bank Plc. (measured by volume), accounted for 511.856 million shares worth N6.133 billion in 2,074 deals, contributing 47.36 per cent and 51.05 per cent to the total equity turnover volume and value respectively.

Twelve equities appreciated in price during the week, lower than 32 equities in the previous week. Forty three equities depreciated in price, higher than 27 equities in the previous week, while 113 equities remained unchanged, higher that 109 equities recorded in the preceding week.

Further analysis showed that a total of 36,011 units valued at N495,359.07 were traded last week in 13 deals compared with a total of 87,142 units valued at N1.180 million transacted the previous week in 18 deals.

A total of 18,100 units of Federal Government Bonds valued at N20.049 million were traded last week in eight deals compared with a total of 433,774 units valued at N445.318 million transacted the previous week in 16 deals.

According to analysts at Cordros Capital, “in the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuation remain supportive of recovery in the long term.”

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