Fidelity Bank leads gainers as NGX records N16.6 billion turnover

Fidelity Bank Plc traded higher at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX). It led nine others with 10 per cent to close at N3.30 kobo.

Following Fidelity Bank last week was Learn Africa, adding 9. 6 per cent, to close at N2.17 kobo. Veritas Kapital gained 9.52 per cent to close at 22 kobo. FTN Cocoa depreciated by 9.37 per cent to close at 35 kobo.

NPF Microfinance Bank garnered 8.66 kobo to close at N2.51 kobo. PZ Cussons added 8.14 per cent to close at N9. 30 kobo.
Guinness appreciated by 7.69 per cent to close at N70. Prestige Assurance gained 6.52 per cent to close at 49 kobo. Union Bank also garnered 5.74 per cent to close at N6.45 kobo.

However, RT Briscoe led the loser chart, shedding 17.59 per cent to close at 66 kobo while UPDC followed with a loss of 12 per cent to close at 88 kobo.

GTCO shed 11.64 per cent to close at N23.15 kobo. United Capital dropped 11.56 per cent to close at N7.65 kobo. Berger depreciated by N9.64 per cent to close at N7.50 kobo. Ikeja Hotel declined by 8.76 per cent to close at N1.25 kobo. NNFM also lost 7.83 kobo to close at N10.

Meanwhile, a total turnover of 1.176 billion shares worth N16.6 billion was recorded in 21,076 deals by investors on the floor of the exchange.

This volume of shares traded was, however, lower than 2.449 billion units, valued at N20.6 billion that was exchanged hands in 20,764 deals on March 18, 2022.

The financial services industry (measured by volume) led the activity chart with 954.472 million shares valued at N10.2 billion traded in 12,700 deals; thus contributing 81.1 per cent to total equity turnover volume

The consumer goods industry followed with 63.7 million shares worth N3.4 billion in 2,720 deals. The conglomerate industry ranked third with a turnover of 53.3 million shares worth N258.6 million in 711 deals.

Trading in the top three equities namely Fidelity Bank Plc, United Bank for Africa Plc, and Guaranty Trust Holding Company Plc (measured by volume) accounted for 456.9 million shares worth N4.5 billion in 4,982 deals, contributing 38.85 per cent to the total equity turnover volume and value respectively.

Also, a total of 29,855 units of Exchange Traded Products (ETPs) valued at N3.5 million were traded in 11 deals last week, compared with a total of 70,961 units valued at N9.1 million transacted in 28 deals during the preceding week.

The NGX All-share index and market capitalisation depreciated by 0.67 per cent to close the week at 46,964.23 and N25,311 trillion respectively.

The negative performance was due to profit-taking activities in heavyweight stocks, namely Nestle (-2.8 per cent), UBA (-2.6 per cent), GTCO (-1.4 per cent), MTN Nigeria (-0.7 per cent), and Lafarge (-0.6 per cent).

Similarly, all other indices finished lower except NGX AFR Div Yield and NGX Meri Growth indices, which appreciated by 1.81 per cent and 0.01 per cent respectively While NGX ASeM and NGX Growth indices closed flat.

C24 equities appreciated during the week, higher than 21 equities in the previous week. 44 equities depreciated, lower than 45 equities in the previous week 88 equities remained unchanged.

A total of 10,273 units of bonds, valued at N10.494 million were traded last week in five deals compared with a total of 60,695 units valued at N63.551 million transacted last week in 15 deals.

Reacting to the market’s performance, analysts at Cordros Capital said: “In the week ahead, we expect the market to trade sideways as the activities of bargain hunters in dividend-paying stocks fizzle out due to the winding down of the 2021FY earnings season.

“In addition, risk-averse investors will likely sustain profit-taking activities in anticipation of an uptick in FI yields. Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings. ”