With the contribution, the financial sector maintained its dominance in volume terms with 1.068 billion shares valued at N19.8 billion traded in 21,001 deals, thus contributing 72.04 per cent to the total equity turnover.
On the price movement chart, strong bargain-hunting on the final trading day pushed the market into positive territory following buying interest in UBA (+7.9 per cent), GTCO (+4.5 per cent), Flourmill (+22.9 per cent), and WAPCO (+9.4 per cent) underpinned the market’s performance, causing the month-to-date and year-to-date returns to settle at +0.1 per cent and +30.7 per cent.
The all-share index and market capitalisation appreciated by 0.5 per cent to close the week at 97,722.28 and N59.215 trillion respectively.
Similarly, all other indices finished higher except NGX oil and gas and NGX industrial goods, which depreciated by 0.29 per cent and 0.20 per cent respectively.
Precisely, trading in the top three equities namely Access Holdings, United Capital and United Bank for Africa (measured by volume) accounted for 433.794 million shares worth N10.274 billion in 8,790 deals, contributing 29.27 per cent to the total equity turnover.
Following the financial sector, last week was the oil and gas industry with 103.143 million shares worth N11.351 billion in 8,200 deals.
The consumer goods industry ranked third with a turnover of 77.198 million shares worth N2.845 billion in 4,266 deals.
On the whole, a turnover of 1.5 billion shares worth N38.9 billion was recorded in 44,795 deals by investors, in contrast to a total of 6.5 billion units valued at N75.7 billion that was exchanged in 48,804 deals during the preceding week.
Reacting to market performance, the Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said the NGX still presents buy opportunities for market players who understand the importance of buying low and selling high in any market condition amid ongoing volatility.
According to him, this is particularly true now that many stocks on the NGX are undervalued with high upside potentials, while investors carry out sector rotation on the strength of quarterly earnings reports that reveal the state of various companies on the NGX.
“We expect mixed sentiments to continue on bargain hunting, profit taking and low valuation ahead of CPI data and position taken by smart money for year-end. Also, sector rotation and portfolio rebalancing will continue in the market with investors taking advantage of pullbacks,” he said.
Analysts at Cordros Capital said: “We anticipate cautious trading in the local stock market in the coming week due to the absence of significant positive catalysts to boost sentiments.
“In the medium term, we expect investors’ sentiments to be shaped by developments in the macroeconomic landscape and the movement of yields in the fixed-income market.”
A total of 64,852 units of exchange-traded products (ETPs) valued at N7.9 million were traded last week in 77 deals compared to 41,335 units valued at N19.9 million transacted last week in 115 deals.
In addition, 17,905 units of bonds, valued at N15.4 million were traded in 19 deals compared to 171,066 units valued at N159.6 million that were transacted last week in 41 deals.
