Investors’ profit-taking in Industrial Goods, others’ shares down equities market by 0.69%
By Kayode Tokede
Investors’ profit-taking in shares of Industrial Goods, consumer good, among others indices down equities market by 0.69per cent in its wee-on-week (wow) performance.
The equities market closed for trading last week at 38,382.39 basis points from 38,648.48basis points it opened for trading.
Losses recorded in the shares of heavyweight cement companies Dangote cement and BUA Cement, on the final trading day of the week, wiped off the cumulative gains of 0.7per cent as of Thursday, as the local bourse suffered its seventh consecutive weekly loss.
Consequently, the Year-Till-Date (YTD) loss increased to -4.7per cent.
Our correspondent gathered that NSE Mainboard, NSE 30, NSE Insurance, NSE Consumer Goods, NSE Lotus II, NSE Industrial and NSE Growth Indices, which declined by 1.68per cent, 0.99 per cent, 0.01 per cent, 1.46 per cent, 1.51 per cent, 2.62 per cent and 0.25 per cent while the NSE Sovereign Bond Index closed flat.
The NSE weekly report stated that, “A total turnover of 2.342 billion shares worth N19.272 billion in 20,173 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.675 billion shares valued at N23.541 billion that exchanged hands last week in 21,732 deals.
“The Financial Services Industry (measured by volume) led the activity chart with 1.888 billion shares valued at N12.446 billion traded in 12,019 deals; thus contributing 80.60per cent and 64.58 per cent to the total equity turnover volume and value respectively.
“The Natural Resources Industry followed with 201.260 million shares worth N41.295 million in 27 deals. The third place was Conglomerates Goods Industry, with a turnover of 62.053 million shares worth N65.672 million in 612 deals.
“Trading in the top three equities namely Unity Bank Plc, Guaranty Trust Bank Plc and Multiverse Mining and Exploration Plc (measured by volume) accounted for 1.471 billion shares worth N7.114 billion in 2,317 deals, contributing 62.82per cent and 36.91per cent to the total equity turnover volume and value respectively.”
The report stated that a total of 435,459 units valued at N2.351 billion were traded last week in 29 deals, while a total of 295,829 units valued at N304.859 million were traded last week in 20 deals.
Analysts at Cordros Capital stated that, “In the week ahead, we expect investors’ attention to be focused on the outcome of the MPC meeting as they seek clarity on the direction of yields in the fixed income market.
“We expect the choppy trading pattern that played out this week to persist in the week ahead, as investors continue to cherry-pick dividend-paying stocks and at the same time remain cautious about leaving gains in the market.
“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings.”
