By Chukwuma Umeorah

Despite sell-offs recorded at the floor of the Nigerian Exchange Limited (NGX), trading in FBN Holdings Plc, Guaranty Trust Holding Company Plc and Fidelity Bank Plc, (measured by volume) accounted for 165.522 million shares worth N2.320 billion in 2,530 deals, contributing 21.87 per cent and 16.99 per cent to the total equity turnover volume and value respectively.

This was even as the NGX All-Share Index (ASI) appreciated by 0.12 per cent to close the week at 52,657.88 points. According to the weekly data performance of the domestic bourse, investors’ wealth rose by N35 billion as market capitalization closed the week at N28.681 trillion from the opening figure of N28.646 trillion.

Similarly, all other indices finished higher with the exception of NGX 30, NGX CG, NGX Premium, NGX MERI Growth, NGX Consumer Goods and NGX Sovereign Bond, indices which depreciated by 0.07 per cent, 0.05 per cent, 0.45 per cent, 1.21 per cent, 1.09 per cent and 2.30 per cent respectively, while the NGX ASeM index closed flat.

A total turnover of 756.769 million shares worth N13.653 billion in 18,248 deals was traded this week by investors on the floor of the exchange, in contrast to a total of 1.241 billion shares valued at N15.668 billion that exchanged hands last week in 18,560 deals.

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The Financial Services Industry (measured by volume) led the activity chart with 454.718 million shares valued at N4.813 billion traded in 8,214 deals; thus contributing 60.09 per cent and 35.26 per cent to the total equity turnover volume and value respectively.

The ICT Industry followed with 61.735 million shares worth N1.647 billion in 1,600 deals while the Conglomerates Industry, recorded a turnover of 56.842 million shares worth N119.141 million in 622 deals.

Forty-four (44) equities appreciated in price during the week, higher than thirty-nine (39) equities in the previous week. Twenty-nine (29) equities depreciated in price lower than thirty (30) in the previous week, while eighty-four (84) equities remained unchanged, lower than eighty-eight (88) equities recorded in the previous week.

Reacting to performance of the market, analysts said that in the subsequent weeks, they expect the NGX to be flooded with corporate earnings as more companies publish audited 2022 FY numbers, which will be accompanied by dividend declarations.

”We believe this should provide a catalyst for buying activities even as risk-averse investors are likely to remain cautious due to medium-term expectations of an uptick in FI yields. Overall, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings”, they said.