With declines in the price of a number of fundamentally sound stocks in the week ended April 3, market watchers expect some cherry picking at the beginning of new week.
In the review trading week, the Nigeria stock market declined by 3.5 percent, pushing its negative return this year to a new high of -21.40percent. Many value counters were on offer.
Some of these stocks fell below analysts’ target price as both foreign and domestic investors weighed the economic impact of a Coronavirus-driven lockdown in Nigeria’s commercial capital, Lagos and the Federal Capital Territory (FCT), Abuja, and Ogun State.
As remote trading on the Bourse continues, there is no doubt also that the performance of the market will still largely depend on events around the continued spread of the Coronavirus in Nigeria as well as happenings in the Crude oil market. Oil price traded above $30 per barrel ($32.72) as at 7pm on Friday.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) depreciated by 3.5percent to close the review week at 21,094.62 points and N10.994 trillion respectively.
All other indices finished lower with the exception of NSE Oil/Gas which appreciated by 2.33percent while NSE ASeM Index closed flat.
Fifteen (15) equities appreciated in price in the review trading week, lower than 34 in the preceding week. Thirty-six (36) equities depreciated in price, higher than 30 equities in the preceding week, while 112 equities remained unchanged, higher than 99 equities recorded in the preceding week.
The market recorded a total turnover of 1.534 billion shares worth N11.267 billion in 18,928 deals, in contrast to a total of 1.452 billion shares valued at N14.918 billion that exchanged hands in the preceding week in 21,828 deals.
The Financial Services industry (measured by volume) led the activity chart with 1.105 billion shares valued at N7.100 billion traded in 12,225 deals, thus contributing 71.99percent and 63.02percent to the total equity turnover volume and value, respectively.
The Industrial Goods followed with 218.471 million shares worth N1.236 billion in 1,610 deals; and the Consumer Goods industry, with a turnover of 134.599 million shares worth N1.855 billion in 2,332 deals.
Trading in the top three equities, namely Sterling Bank Plc, Zenith Bank Plc and Meyer Plc (measured by volume) accounted for 752.359 million shares worth N3.247 billion in 4,039 deals, contributing 49.03percent and 28.82percent to the total equity turnover volume and value, respectively.
