Equities go south W-on-W as investors lose N24.5bn on NGX, N15bn on NASD
Corporate earnings to influence activities this week Investors position for big names ahead of Q2 releases
TRADING WAS MIXED LAST WEEK ON THE NIGERIAN EXCHANGE (NGX) as the benchmark index closed in the green on two of the five trading sessions with market investors losing N24.5 billion. As a result, the All Share Index declined by 12 basis points from last week to settle at 37,947.18 points while market year to date loss worsened to -5.8 percent. Market capitalization decreased in value to close at N19.77 trillion.
The level of trading activity was down as the average volume and value traded fell by 25.2 percent and 10 percent respectively to 201.7 million units and N2.2 billion. The top traded stocks by volume were UBA (65.2m units), Zenith Bank (63.0m units), and Wema Bank (54.2m units), while Zenith Bank (N1.5bn), MTN Nigeria (N1.3bn) and UBA (N490.2m) were the top traded stocks by value.
However, performance across sectors was mixed as three indices advanced while the remaining three indices declined. Leading the gainers’ chart for the week was the oil & gas index, up 1.8 percent week on week on the back of buying interest in Total (+6.1%) and Oando (+4.4%). Similarly, the banking and ICT indices gained 0.4 percent and 0.1 percent week on week, respectively, due to price appreciation in Wema Bank (+8.1%), UBA (+3.3%), and MTN Nigeria (+0.6%).
Conversely, the insurance index lost the most, down 1.1 percent week on week as a result of sell-offs in Wapic (-8.5%) and Custodian Investment (-6.2%). Also, the consumer and industrial goods indices fell by 0.9 percent and 0.3 percent week on week, respectively, due to price depreciation in Nigerian Breweries (-3.3%), Champion Breweries (-3.2%), BUA Cement (-0.7%), and Lafarge (-0.7%).
Also, investor sentiment weakened to 1.0x from 1.9x last week as 28 stocks advanced against 29 that declined. The top performing stocks for the week were FTN Cocoa, NCR, and Sovereign Trust Insurance, while Ikeja Hotel, Unity Bank and Wapic led the top underperforming stocks for the week.
On the NGX 30 Index, thre was a drop of 0.19 percent to close at 1,617.76 points. The market turnover closed the week with traded volume of 137.02 million units.
Elsewhere, at the NASD OTC Securities Exchange, the benchmark index closed in the negative region dropping by 2.73 percent, week on week, to 752.3 points, while the market cap shed N15 billion to close at N534.74 billion on the back of negative price movements. The week closed mixed as the total value traded rose 2.33 percent to N744.3 billion with the total volume for the week decreasing by 26.32 percent from last week to 24.8 million units in 234 deals.
The top traded securities by volume were the NGX (21.7m), CSCS (1.17m) and Friesland Wamco (1.16m) while the NGX (N480.6m), Friesland Wamco (N150.5m) were the top traded stocks by value in the week. The week closed without gainers as all indices closed in the negative with the bears holding firm ground. Similarly, the top losers are NGX (-9.6%), Friesland Wamco (-9.45%), NDEP (-3.15%).