Financial stocks dominates, accounts for 41.7% of total turnover
THE financial services industry dominated in volume terms at the end of last week's transactions on the equities sector of the Nigerian Exchange Limited ( NGX) with 899.5 million shares valued at N15.9 billion traded in 20,278 deals, thus contributing 41.70 per cent to the total equity turnover volume.
The conglomerate industry followed with 736.9 million units worth N12.9 billion in 4,996 deals. The utility industry ranked third with a turnover of 208.5 million shares worth N65.7 billion in 5,602 deals. Consequently, a turnover of 2.2 billion shares worth N108.8 billion was recorded in 51,556 deals by investors on the floor of the exchange.
This volume of shares traded was, however, higher than 1.9 billion units, valued at N34.1 billion that changed hands in 48,464 deals on March 1, 2024.
Trading in the top three equities namely Transnational Corporation Plc, Transcorp Power Plc and United Bank for Africa Plc ( measured by volume) accounted for 1.1 billion shares worth N78.8 billion in 12,167 deals, contributing 48.9 per cent to the total equity turnover volume.
A total of 24,397units of Exchange Traded Products ( ETPS), valued at N8.9 million were traded in 136 deals compared to a total of 39,238 units valued at N11.5 million transacted last week in 187 deals.
Also, a total of 63,607 units of bonds, valued at N63.4 million were traded in 27 deals compared with a total of 102,812 units valued at N96.1 million transacted last week in 46 deals.
On the price movement chart, positive sentiments returned to the bourse, following bargain hunting in MTN Nigeria (+ 10.3 per cent), BUA Cement (+ 4.4 per cent), FBNH (+ 15.3 per cent) and increased demand for TRANSCORP (+ 10.0 per cent) with the Month To Date and
Year To Date returns increasimpact of government poliing to + 1.4 per cent and + 35.5 cies on the economy a s per cent, respectively. headwinds persisted. "This
Precisely, the All- share index arises from foreign and market capitalisation exchange hiccups which appreciated by 2.61 per cent are putting pressure on and 6.03 per cent closing companies' operations and the week at 101,330.85 and performance which ha ve
N57.293 trillion respectively. led to many reporting nega
Similarly, all other i ndices tive earnings and lea ving finished higher except N GX zero reward for their share
Banking, NGX insurance, holders.
NGX AFR Bank V alue, NGX "We expect a continuation
MERI Growth, NGX MERI of the mixed sentiments as
Value, NGX Consumer investors and traders digest
Goods and NGX Sovereign the latest developments at
Bonds depreciated by 1.40 the fixed incom e market, per cent, 5.22 per cent, 3.39 with TB’S yield at 21.5 per per cent, 1.8 per cent, 1.86 per cent, just as more corporate cent, 1.21 per cent, and 3.06 earnings with dividends are per cent respectively. expected to hit the market
Reaction on market perand investors taking advanformance, the Chief tage of low valuation to
Research Officer of position and rebalancing
Investdata Consulting, portfolio.
Ambrose Omordion said: "This is amid the volatility
"The nation’s economic realand pullbacks that add ity continues to reflect on more stren gth to upside corporate and economic potential. As such, investors numbers in recent time as should take advantage of
2023 audited financials price correction. Also lookreleased so far remain ing at the trends and events mixed and weak, especially across the globe and domesamong manufacturing tically," he said. companies to reveal the