Chinwendu Obienyi 

Despite the listing of Airtel Africa at the start of the week, sentiments remained weak, as the All Share Index (ASI)  extended losses from the previous week, declining by 2.4 per cent to close at 28,566.79 points.

Thus, the month-to-date (MtD) and year-to-date (YtD) losses worsened to 4.7 and 9.1 per cent respectively, while the market capitalisation appreciated by 7.91 per cent to close the week at  N13.922 trillion respectively.

Analysing by sectors, the Consumer Goods (-9.5 per cent) bore the brunt of the losses, with Nestle (-7.8 per cent) declining to its lowest since October 2017.

The Oil & Gas (-3.1 per cent ), Insurance (-2.4 per cent), and Industrial Goods (-2.0 per cent) indices followed suit.

The Banking (+0.8 per cent) index was the sole gainer, following bargain hunting on GT Bank (+2.6 per cent).

A total turnover of 988.491 million shares worth N13.839 billion in 16,414 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.025 billion shares valued at N9.911 billion that changed hands last week in 19,375 deals.

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The Financial Services industry (measured by volume) led the activity chart with 769.350 million shares valued at N7.238 billion and traded in 8,530 deals; thus contributing 77.83 and 52.30 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 55.223 million shares worth N92.483 million in 719 deals.

The third place was ICT Industry with a turnover of 42.080 million shares worth N4.144 billion in 839 deals.

Trading in the top three equities namely, Zenith Bank Plc, FBN Holdings Plc and Wapic Insurance Plc (measured by volume) accounted for 348.839 million shares worth N3.520 billion in 2,703 deals, contributing 35.29 and 25.44 per cent  to the total equity turnover volume and value respectively .

Eighteen equities appreciated in price during the week, lower than 21 in the previous week.

Thirty-nine equities depreciated in price, lower than 44 equities in the previous week, while one 111 equities remained unchanged, higher than 103 equities recorded in the preceding week.

Analysts at Cordros capital said  “our outlook for equities in the short to medium term remains conservative, amid the absence of any catalyst to drive positive market returns”.