Nigeria equities shed over N160bn in one week

Nigeria stock investors lost N162billion in the trading week ended Friday February 14, 2020. The review week was filled with a mix of cherry picking and profit taking activities.

This happened comes despite that 19 equities appreciated in price, higher than 15 equities in the preceding trading week. Contrarily, 35 equities depreciated in price, lower than 49 equities in the preceding week, while 109 equities remained unchanged, higher than 99 equities recorded in the preceding week.

Amid this trend, market watchers say they still envisage a cautious trading strategy from Monday February 17 in anticipation of other earnings reports.

In the review week, the Nigerian Stock Exchange (NSE) All Share Index (ASI) and Market Capitalisation both depreciated by 1.11percent to close at 27,755.87 points and N14.456 trillion respectively; as against preceding week’s high of 28,067.09 points and N14.618 trillion.

While sustained sell pressure pinned down the Nigerian equities market’s broad indicator amid weak activity in the last trading session of the week, FBN Quest analysts said they expect the market to maintain this trading pattern in the next session.

In the review trading week to February 14, all other indices finished lower with the exception of NSE AFR Div Yield and NSE Industrial Goods indices which appreciated by 0.11percent and 0.78percent respectively while NSE ASeM Index closed flat.

The market recorded total turnover of 912.175 million shares worth N12.126 billion in 17,083 deals, in contrast to a total of 1.478 billion shares valued at N20.295 billion that exchanged hands the preceding week in 23,263 deals.

The Financial Services industry (measured by volume) led the activity chart with 624.219 million shares valued at N7.129 billion traded in 9,640 deals; thus contributing 68.43percent and 58.79percent to the total equity turnover volume and value respectively.

The Conglomerates followed with 93.204million shares worth N452.093 million in 861deals; and Oil and Gas industry, with a turnover of 59.267 million shares worth N124.638 million in 1,254 deals.

Trading in top three equities –Zenith Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 304.089 million shares worth N5.788 billion in 4,290 deals, contributing 33.34percent and 47.73percent to the total equity turnover volume and value respectively.

A total of 1,540 units of Exchange Traded Products (ETPs) valued at N137,421.20 were traded in the review week in 5 deals, compared with a total of 3,840 units valued at N12.029 million transacted the preceding week in 8 deals.

The bond market trading recorded a total of 23,923 units of Federal Government Bonds valued at N28.986 million done in 22 deals, compared with a total of 55,246 units valued at N63.094 million transacted the preceding week in 15 deals.