Weekly Report: Selloffs in blue-chips decline NGX market indices by 0.08%

During the week, selloffs successful Seplat, Fidelity Bank, and Transnational Corporation, among 34 different declined equities, drove the Nigerian Exchange Ltd. (NGX) broader scale down by 0.08 per cent week-on-week.

Notably, the NGX All-Share Index and marketplace Capitalisation depreciated by 0.08 per cent to adjacent the week astatine 99,221.14 and N56.128 trillion, respectively, arsenic against 99,300.38 and N56.172 trillion, respectively, posted past week.

As a result, banal marketplace investors mislaid N44 cardinal week-on-week.

Similarly, each different indices finished little with the objection of NGX Main Board, NGX Insurance and NGX Consumer Goods, which appreciated by 0.08 per cent, 0.84 per cent and 0.33 per cent respectively.

However, the NGX ASeM, NGX Industrial Goods and NGX Sovereign Bond indices
closed flat.

Meanwhile, 35 equities appreciated successful terms during the week, little than 45 equities successful the erstwhile week.
37 equities depreciated successful terms higher than 25 successful the erstwhile week, portion 82 equities remained unchanged, little than 84 recorded successful the erstwhile week.

Specifically, Unity Bank led the losers’ array by 21.57 per cent to adjacent astatine N1.20, Sovereign Trust Insurance followed by 13.64 per cent to adjacent astatine 38k per share.

Transnational Corporation mislaid 11.21 per cent to adjacent astatine N10.30, Sunu Assurances shed 10.85 per cent to adjacent astatine N1.15, and Prestige Assurance dropped 10.71 per cent to adjacent astatine 50k per share.

On the gainers’ table, RT Briscoe led by 25 per cent to adjacent astatine 60k, Oando Plc trailed by 23.73 per cent to adjacent astatine N14.60, Eterna Plc gained 22.45 per cent to adjacent astatine N15 per share.

Deap Capital Management and Trust Plc roseate by 20 per cent to adjacent astatine 48k and Red Star Express Plc added 15.73 per cent to adjacent astatine N3.90 per share.

Meanwhile, a full turnover of 1.703 cardinal shares worthy N30.495 cardinal successful 37,765 deals was traded this week by investors connected the Exchange, successful opposition to 2.189 cardinal shares valued astatine N31.303 cardinal that exchanged hands past week successful 39,362 deals.

The Financial Services Industry, measured by volume, led the enactment illustration with 1.222 billion
shares valued astatine N15.876 cardinal traded successful 18,782 deals.

This contributed 71.77 per cent and 52.06 per cent to the full equity turnover measurement and value, respectively. The Oil and Gas Industry followed with 171.174 cardinal shares worthy N3.549 cardinal successful 3,699 deals.

The user goods manufacture took 3rd place, with a turnover of 116.145 cardinal shares worthy N4.434 cardinal successful 4,163 deals. Trading successful the apical 3 equities namely: Fidelity Bank Plc, Access Holdings Plc and Veritas
Kapital Assurance Plc, measured by volume, accounted for 583.809 cardinal shares worthy N5.740 cardinal successful 4,733 deals.

This contributed 34.28 per cent and 18.82 per cent to the full equity turnover measurement and worth respectively.

According to analysts a Cowry Asset Management Ltd., looking up to the adjacent week, a mixed inclination is expected.

The analysts predicted that this would beryllium driven by profit-taking activities, the work of third-quarter net forecasts by corporates, and portfolio rebalancing.

They noted that marketplace pullbacks are anticipated to heighten the index’s upward potential, supported by the ongoing dividend net season.

“Investors and traders are expected to besides presumption themselves for expected macroeconomic data, specified arsenic the Consumer Price Index for May.

“However, investors are advised to commercialized successful stocks of companies with dependable fundamentals,” the analysts added