The consumer goods, banking and industrial goods indices topped the gainers’ chart at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 4.05 percent, 0.7 per cent and 0.001 per cent.
The gains were occasioned by price appreciation in PZ Cussons (+7.72 per cent), (FBN Holdings +6.9 per cent) and (Cutix +1.92 per cent).
However, the insurance index lost 0.09 per cent following depreciation in (Guinea Insurance -9.09 per cent), and Regency Assurance (-8.7 per cent)
Last week, a turnover of 1.4 billion shares worth N31.6 billion was recorded in 42,040 deals by investors on the floor of the Exchange, in contrast to a total of 1.6 billion units, valued at N36.5 billion that was exchanged in 42,546 deals on February 16, 2024.
The financial services industry (measured by volume) led the activity chart with 960.5 million shares valued at N16.8 billion traded in 19,669 deals, thus contributing 69.7 per cent to the total equity turnover volume.
The conglomerates industry followed with 115.2 million shares worth N1.5 billion in 2,859 deals.
The oil and industry ranked third with a turnover of 80.9 million shares worth N1.7 billion in 2,726 deals.
Trading in the top three equities namely Guaranty Trust Holding Company Plc, FBN Holdings Plc and Transnational Corporation Plc (measured by volume) accounted for 343.6 million units worth N9.4 billion in 5,659 deals, contributing 24.9 percent to the total equity turnover volume.
A total of 477,238 units of Exchange Traded Products (ETPs) valued at N26.7 million were traded in 262 deals compared to a total of 27,394 units valued at N16.8 million transacted in 239 deals during the preceding week.
Also, 120,067 units of bonds, valued at N121.2 million were recorded in 40 deals compared to a total of 639,482 units valued at N638.502 million transacted in 24 deals.
On the price movement chart, bearish sentiments persisted as investors continued adjusting their portfolios towards the fixed-income market due to higher yields.
Particularly, selloffs in Dangote Cement (-10 per cent) and MTN Nigeria (-10 per cent) were the major drivers of the weekly loss.
The NGX all-share index and market capitalisation depreciated by 3.4 per cent to close the week at 102,088.3 and N55.861 trillion respectively.
Consequently, the month-to-date and year-to-date returns moderated to +0.9 per cent and +36.5 per cent, respectively.
Reacting to market performance, analysts at Cordros Capital said: ” Next week (this week), we anticipate cautious trading in stocks due to uncertainty surrounding the upcoming MPC meeting scheduled for 26 and 27 February.
“We expect limited bargain-hunting activity in the near term due to prevailing negative sentiments driven by movements in fixed-income market yields and uninspiring earnings releases.
