Shares were traded more frequently last week thanks to agreements involving Capital Hotel Plc, FBN Holdings Plc, and Jaiz Bank Plc, which generated a turnover of 1.5 billion shares worth N13.5 billion in 20,074 transactions.
However, the number of shares moved exceeded the 705.6 million units valued at N12.9 billion that were exchanged in 22,124 transactions on August 5, 2022.
In 1,025 transactions totaling 763.8 million shares worth N5.1 billion, the top three stocks made up 50.55 percent of the entire amount of equity turnover.
The financial services sector topped the sectoral activity chart (measured by volume) with 680.2 million shares worth N4.7 billion exchanged in 9,230 deals. The industry made about 45% of the entire equity turnover.
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The services industry followed with 499.2 million units worth N3.4 billion in 866 deals. The ICT industry ranked third with a turnover of 113.8 million shares worth N2.246 billion in 2,083 deals.
The NGX all-share index (ASI) and market capitalisation depreciated by 2.09 per cent to close the week at 49,664.07 and N26.787 trillion respectively.
The volume of shares traded, however, above the 705.6 million units worth N12.9 billion that were exchanged in 22,124 transactions on August 5, 2022.
The top three stocks represented 763.8 million shares worth N5.1 billion in 1,025 transactions, or 50.55 percent of the entire volume of equity exchange.
680.2 million shares worth N4.7 billion were traded in 9,230 deals, placing the financial services sector at the top of the sectoral activity list (based by volume). 45% of the total equity turnover came from this sector.
Analysts forecasted a bleak prognosis for the market this week, noting the nation's financial difficulties, which have continued to have a detrimental influence on firms and investment.
According to analysts at Cordros Capital, investors will be particularly interested in the outcome of the bond auction planned to take place on Monday (August 15) in order to better understand how yields are moving in the FI market.
As a result, we expect cautious purchasing from dividend-yielding investors along with sporadic profit-taking.
Despite this, we continue to stress the need of investing solely in fundamentally strong stocks because the weak macroeconomic environment continues to be a major drag on corporate profitability.
The All-Share index fell as a result of falls in large-cap firms like MTNN, BUA cement, and Dangote cement, according to Vetiva Dealings and Brokerage. In light of slight gains in some of the week's losers, we anticipate the market to rebound after Friday's close.
Further analysis of the previous week's trading revealed that 3,091 units of exchange traded products (ETPs) totaling N13.1 million were recorded in 41 deals as opposed to 16,247 units totaling N400,448.65 that were transacted in 24 deals the week before.
In addition, a total of 80,732 bonds worth N86.2 million were traded in 35 trades as opposed to 118,689 bonds worth N120.9 million last week.
Less than the previous week's 41 equities, 33 increased in value this week. While 97 other securities stayed steady, 26 depreciated at a price more than the price of 22 the previous week.
