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Insurance firms, others lead N1.8b market turnover


Transactions in the shares of Sovereign Trust Insurance, Mutual Benefits Assurance, and Transnational Corporation of Nigeria Plc dominated in volume terms, at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX).

The three stocks led the activity chart with 567.2 million shares valued at N3.7 billion traded in 7,970 deals; thus contributing 55.3 per cent and 44.7 per cent to the total equities turnover volume and value respectively.


Sectoral performance of last week’s trading showed that the financial services industry led the chart in volume terms with 567.2 million shares valued at N3.7 billion traded in 7,970 deals; thus contributing 55.3 per cent and 44.7 per cent to the total turnover volume and value respectively.

The ICT Industry followed with 126.6 million shares units valued at N1.7 billion in 1,073 deals. The consumer goods sub-sector ranked third with a turnover of 90.5 million shares worth N1.5 billion in 3,344 deals

Consequently, a turnover of one billion shares worth N8.2 billion was recorded in 18,102 deals by investors on the floor of the Exchange.


However, this volume of shares traded is down from a total of 866.5 million units worth N12.3 billion that was exchanged in 17,291 deals during the preceding week.

Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said the low volume suggests that institutional investors and others are still cautiously looking at the numbers.

He said the banking sector and others remained attractive on the back of the prevailing low prices, urging investors to increase their stake ahead of future capital appreciation.


Analysts at Cordros Capital said earnings from the big banks in the coming week will bring some breath of fresh air to the local bourse, considering the lull in the market last week.

“We believe particularly, as the declaration of interim dividends will accompany the results, therefore, we advise investors to seek trading opportunities in only sound stocks as the weak macro story remains a significant headwind for corporate earnings.”

The NGX All-share index and market capitalisation appreciated by 0.01 per cent to close the week at 39,485.65 and N20.573 trillion respectively.


All other indices finished lower except NGX Premium, NGX Banking, NGX Insurance, NGX AFR Div Yield, NGX Meri Value and NGX Oil & Gas indices which appreciated by 0.07 per cent, 0.30 per cent, 1.06 per cent, 0.02 per cent, 0.15 per cent, and 0.08 per cent respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Thirty-five equities appreciated during the week, lower than 36 in the previous week. 29 equities depreciated, lower than 33 equities in the previous week, while 92 equities remained unchanged higher than 87 equities recorded in the previous week.

A total of 39,465 units valued at N1.8 million were traded last week in 27 deals compared with a total of 1.001 million units valued at N16.7 million transacted during the preceding week in 14 deals.


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