Stock investors at the Nigerian Bourse had no reason to cheer in the trading week ended Friday April 5 following a record loss of about N550billion they booked in the five-day trading period. As bears continued their reign with no much activity on the buy side, the value of listed equities decreased by 4.69percent to N11.124 trillion as against a high of N11.672 trillion in the trading week ended March 29.
Likewise, the Nigerian Stock Exchange (NSE) All-Share Index depreciated by 4.59percent to 29,616.38 points as against preceding week high of 31,041.42points. Summary of price changes in the review week to April 5 shows that 14 equities appreciated in price, lower than 21 in the preceding week.
Fifty-five (55) equities depreciated in price, higher than 36 equities in the preceding week, while 98 equities remained unchanged, lower than 111 equities recorded in the preceding week. The stock market’s Year-to-Date (ytd) return stood further negative at 5.77percent.
In their commentary on the market, Lagos-based equity research analysts at Vetiva Securities noted that despite the steep declines seen in the review week, “the market showed some respite closing out the week (1.2x positive market breadth).”
“Whilst investor apathy in the Nigerian market has persisted in recent sessions, we expect to see players bargain on appealing price marks across the board as the index returns to above 30,000 points – the last time the market stayed below 30,000 for an extended period (more than two sessions) was prior to the recovery in June, 2017”, Vetiva analysts added.
The market recorded total turnover of 3.544 billion shares worth N20.264 billion in 19,130 deals in contrast to a total of 2.629 billion shares valued at N12.794 billion that exchanged hands in the preceding week in 15,558 deals.
The Financial Services Industry (measured by volume) led the activity chart with 3.060 billion shares valued at N14.469 billion traded in 11,738 deals; thus contributing 86.35percent and 71.40percent to the total equity turnover volume and value respectively.
The ICT Industry followed with 253.633 million shares worth N53.707 million in 277 deals; and Consumer Goods Industry with a turnover of 65.499 million shares worth N4.356 billion in 2,732 deals.
Trading in the top three equities – Wema Bank Plc, Sterling Bank Plc and Chams Plc (measured by volume) accounted for 2.104 billion shares worth N2.026 billion in 965 deals, contributing 59.38percent and 10percent to the total equity turnover volume and value respectively.
Iheanyi Nwachukwu
