Analysts expect positive performance as mixed sentiments trail bellwethers NGX investors took N54bn profit from mixed sentiments

THE DOMES TIC MARKET MAINTAINED its weekly bearish run despite Friday’s one-off positive close, amidst sell pressure seen on some bellwether stocks and negative market breadth. Closing the month of November this week, analysts expect this bearish tone to filter into trading sessions, whilst investors continue to bargain hunt across board.

At the close of last week, the Nigerian bourse recovered from its three days losing streak due to a rise in the share price of major tickers like Airtel Africa, Ardova Plc and Guinness Nigeria Plc, which pushed the NGX all-share index and market capitalisation northward by 0.25 percent week on week to N22.59 trillion, from N22.55 trillion as on the prior week and leaving the market year to date return at 7.54 percent to close the week at 43,308.29 points. Thus, market investors gained N54 billion in the week.

However, the market activities were mixed as the total volume traded increased by 14.73 percent, while the total value traded depreciated by 15.15 percent, as against the previous session. A total of 305.32 million units valued at N3.58 billion were transacted in 4,450 deals. And on Friday, FCMB topped the traded stocks in terms of volume, accounting for 26.68 percent of the total volume of trades.

The bank stock was followed closely by Guaranty Trust Holding Company (9.72%), Access Bank (9.25%), Honeywell Flour (5.54%), and Zenith Bank (4.33%) to complete the top five on the volume chart.

Guaranty Trust Holding

Company appeared as the most traded stock in value terms, with 20.64 percent of the total value of trades on the exchange. ABC Transport Company and Royal Exchange Assurance emerged as the most profitable stocks for the day, topping the gainers’ chart with a price appreciation of 10 percent each.

The two companies’ stocks were followed by Chams Plc (4.76%), Airtel Africa (3.83%), Ardova (3.03%), Red Star Express (1.49%), Livestock Feeds Processors (1.48%), UBN (1.05%), Sterling Bank (0.68%), Guinness Nigeria (0.27%) and eight (8) others.

On the flip side, 24 stocks depreciated in price, and these were topped by UPDC Real Estate Company with price depreciation of 9.82 percent to close at N5.05, as Nigerian Breweries (-3.13%), Honeywell Flour (-2.22%), Vitafoam (-1.83%), Flour Mills of Nigeria (-1.67%), NGX

Group (-1.21%), Access Bank (-1.10%), Oando Plc (-0.98%), UBA (-0.61%) and Zenith Bank (-0.41%) also dipped in price.

On the sectoral front, the Oil & Gas Index, measured by volume, led the activity chart with 2.01 billion shares valued at N13.45 billion traded in 1,350 deals; thus contributing 58.63 percent and 43.50 percent to the total equity turnover volume and value, respectively. The Financial Service Index followed with 1.05 billion shares worth N10.16 billion in 10,941 deals. In third place was the Consumer Goods Index, with a turnover of 183.8 million shares worth N4.49 billion in 4,007 deals.

Elsewhere, the NGX 30 Index decreased by 0.43 percent week on week to close at 1,748.42 points, against 1,756.01 points in the previous week. Market turnover closed the week with a traded volume of 191.63 million units. Union Bank and Sterling Bank were the key gainers, while Nigerian Breweries and International Breweries were the key losers.