• Saturday, April 20, 2024
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Cautious sentiments still trail equities amid gains


 The performance of equities on the Nigeria Stock Exchange (NSE) in the later part of last week was an indication that many investors approached the market with caution despite enticing earnings that have been released on the bourse.

Though, week-on-week (WoW) the NSE All-Share Index (ASI) appreciated by 765.12 points or 2.28 percent to close Friday at 34,301.37 while the market capitalisation of the listed equities on the main board increased by 2.28 percent to close at N10.978 trillion.

Market report for last week showed that forty-five equities appreciated in prices last week higher than thirty-four equities of the preceding week. Thirty-five equities depreciated in price lower than thirty-seven equities in the preceding week, while 117 equities remained constant during the week in contrast to 126 equities of the preceding week.

The market traded for only four days (Tuesday to Friday) following the resumption after Easter holidays. Last Friday, deals recorded in the shares of Transnational Corporation, FCMB, GTBank, UBA Capital, and Sterling Bank helped to boost the volume of equities. In 6,185 deals, 377,913,250 shares worth N4.197billion were exchanged by equity dealers.

Out of the recorded volume of stocks traded, equity dealers exchanged 58,708,369 shares of Transnational Corporation plc valued at N83.526million; 41,805,600 shares of FCMB plc valued at N208.912million; 25,117,640 shares of GTBank plc valued at N653.276million; 23,407,555 shares of UBA Capital plc valued at N29.253million and 22,302,608 shares of Sterling Bank plc valued at N66.777million.

On weekly aggregate, a turnover of 1.604 billion shares worth of N19.088 billion in 26,264 deals was recorded on the floor of The Exchange in contrast to a total of 1.612 billion shares valued at N13.542 billion that exchanged hands the preceding week in 23,021 deals.

At the close of trading activities last week, the Financial Services sector accounted for 1.197 billion shares valued at N11.448 billion exchanged hands by investors in 15,771 deals. The Conglomerates sector (measured by turnover volume) followed in the activity chart with 119.511 million shares valued at N428.835 million traded in 982 deals.

The Banking subsector of the Financial Services sector was the most active during the week in review (measured by turnover volume) with 951.162 million shares worth N9.305 billion exchanged by investors in 11,498 deals.

Volume in the Banking subsector was largely driven by activities in the shares of Zenith Bank Plc, Sterling Bank Plc and Wema Bank plc. Trading in the shares of the three banks accounted for 368.485 million shares, representing 38.74 percent of the turnover volume recorded by the subsector for last week.