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Shares of Access, FBN, Zenith contribute 43% to total equities turnover

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Transactions in the shares of Access Bank Plc, FBN Holdings and Zenith Bank Plc accounted for 609.988 million shares worth N6.593 billion in 4,870 deals at the end of last week’s trading on the Nigerian Exchange Limited (NGX).

The three financial stocks contributed 43 per cent to the total equities turnover of 1.419 billion shares worth N15.918 billion.

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Following the financial sector in volume terms, last week, was the industrial goods industry with 60.762 million shares worth N2.005 billion in 1,070 deals.

The consumer goods industry ranked third with a turnover of 57.023 million shares worth N1.029 billion in 2,831 deals.

Further breakdown of last week’s trading showed that bearish sentiments dominated the local bourse last week, as a result of profit-taking in bellwether stocks. Save for the last trading day of the week, the local bourse recorded losses in all of the week’s three trading sessions.

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Accordingly, the NSE all-share index (ASI) and market capitalisation depreciated by 1.6 per cent and 1.99 per cent to close the week at 39,198.75 and N20.431 trillion.

Similarly, all other indices finished lower except NSE Banking, NSE Pension, NSE-AFR Div Yield, NSE MERI Value, NSE Consumer Goods and NSE Oil/Gas Indices which appreciated by 0.62 per cent, 0.35 per cent, 1.12 per cent, 1.66 per cent, 0.62 per cent and 5.98 per cent respectively, while the NSE ASeM Index closed flat.

A review of last week’s market performance showed that NGX resumed May trading with N17b losses, amid a sell-off in most highly capitalised stocks.

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At the reopening of trading on Tuesday, the ASI declined by 32.64 absolute points, representing a loss of 0.08 per cent to close at 39,801.78 points while market capitalisation lost N17 billion to close at N20.830 trillion.

Lasaco Assurance emerged as the day’s highest price gainer with 9.86 per cent to close at N1.56 kobo.

Neimeth International Pharmaceuticals followed with a gain of 9.83 per cent to close at N1.90 kobo while International Breweries rose by 9.62 per cent to close at N5.70 kobo.

Courteville Business Solutions rose by 8.70 per cent to close at 25 kobo, while Royal Exchange appreciated by 7.55 per cent to close at 57 kobo. However, Linkage Assurance led the losers’ chart with 13.11 per cent to close at 53 kobo.

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Regency Alliance Insurance trailed with a decline of 9.09 per cent to close at 30 kobo. Consolidated Hallmark Insurance shed 7.69 per cent to close at 36 kobo.

The total volume traded increased by 30 per cent to 426.508 million units, valued at N4.654 billion and exchanged in 5,616 deals.

Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 79.603 million shares valued at N574.979 million. Access Bank followed with 64.847 million shares worth N479.038 million, while Zenith Bank traded 58.004 million shares valued at N1.282 billion.

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Lafarge Africa traded 28.674 million shares valued at N627.916 million, while FCMB Group transacted 25.725 million shares worth N74.689 million.

Following losses in Stanbic IBTC Holdings and 21 other stocks, transactions on the NGX extended bearish sentiment to close on a downturn on Wednesday, causing the All Share Index (ASI) to depreciate by 0.92 per cent.

The ASI declined by 367.97 absolute points, representing a dip of 0.92 per cent to close at 39,433.81 points while market capitalisation depreciated by N193 billion to close at N20.637 trillion.

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The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, Unilever Nigeria, Guaranty Trust Bank, Zenith Bank and Julius Berger.

Investor sentiment as measured by market breadth declined, as 16 stocks advanced while 22 declined. Lasaco Assurance recorded the highest price gain of 9.62 per cent to close at N1.71, per share.

Linkage Assurance followed with a gain of 9.43 per cent to close at 58 kobo, while Caverton Offshore Support Group went up by 9.09 per cent to close at N1.92, per share.

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NGX extended bearish sentiment to three consecutive trading sessions Thursday, as more highly capitalised stocks depreciated, resulting in a further slide in market capitalisation by N167 billion.

ASI decreased by 319.08 absolute points, representing a drop of 0.81 per cent to close at 39,114.73 points while the overall market capitalisation value lost N167 billion to close at N20.470 trillion.

The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA Nigeria.

Analysts at Afrinvest Limited said: “We expect the market to close in the red for the week.”

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Analysts at Vetiva Dealing & Brokerage said: “With the week drawing to a close and some negative activity on large caps such as MTNN and DANGCEM keeping the market in negative territory, we expect tomorrow’s session to close out the week on a bearish note.”

However, investor sentiment as measured by market breadth was positive, as 25 stocks gained, relative to 20 losers. Conoil and Courteville Business Solutions recorded the highest price gain of 10 per cent each to close at N18.70 and 22 kobo, respectively, while Seplat Petroleum Development Company (SEPLAT) followed with a gain 9.99 per cent to close at N604.40 kobo.

Analysts at Codros Capital said: “With the Q1, 2021 earnings season now out of the way, we believe a ‘choppy theme’ will be the order of the day as investors keep their gaze on yield movements in the FI market.

”The bears will likely maintain dominance as the absence of positive triggers will limit buying interest from the bulls.

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“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”

Analysts at Vetiva Dealings and Brokerage firm said: “After a week of mixed activity, we foresee a similar pattern unfolding in next week’s trading. That said, we do expect the market to start on a positive note on Monday (today)

A total of 30,004 units of exchange-traded products valued at N1.704 million were traded last week in 11 deals compared with a total of 60,447 units valued at N1.069 million transacted in 20 deals during the preceding week.

Also, 19,573 units of bond, valued at N21.027 million were traded this week in 8 deals compared with a total of 44,354 units valued at N46.342 million transacted last week in 19 deals.

31 equities appreciated during the week, lower than 36 in the previous week. Thirty-seven 37 equities depreciated lower than 41equities in the previous week, while 92 equities remained unchanged, higher than 85 equities recorded in the previous week.

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