The Nigerian Exchange Limited (NGX) last week, recorded a turnover of 921.8 million shares worth N27.2 billion in 15,601 deals.
However, this volume of shares traded was higher than the 1.8 billion units valued at N18.9 billion that changed hands in 12,036 transactions as of December 30, 2022.
The market opened for four trading days last week as the Federal Government declared Monday, January 2, 2023, a public holiday to mark the New Year celebrations.
At the close of transactions last week, the financial services industry (measured by volume) led the activity chart with 616.5 million shares valued at N6.5 billion in 7,208 deals; thus contributing 66.8 percent to the total business turnover volume.
The industrial goods industry accounted for 138.3 million units valued at N13.4 billion in 1,063 transactions. The conglomerate industry ranked third with a turnover of 55.9 million shares valued at N92.8 million in 502 deals.
Trading in the top three equities of FBN Holdings Plc, BUA Cement Plc and Guaranty Trust Holding Company Plc (measured by volume) accounted for 450.3 million shares worth N17.2 billion in 1,862 transactions, contributing 48.9 percent to total equity turnover.
In the price movement chart, the bourse closed the first trading week of 2023 on a negative note as the benchmark index and market capitalization shrank by 0.06 percent to close the week at 51,222.34 and N27.899 trillion respectively.
All other indices finished higher except for the NGX Panan Utama, NGX Barang Industri and NGX Sovereign Bond indices, which declined by 0.54 percent, 0.58 percent and 0.09 percent, respectively, while the NGX ASeM index closed flat.
Indeed, the sell-off in shares of Airtel Africa (-5.2 percent) and Buacement (-1.8 percent) amid bargains in Buafoods (+14.6 percent) and NB (+14.6 percent) ) makes a weekly loss.
In response to last week’s market performance, analysts at Cordros said: “Overall, we believe the position for the 2022 full-year earnings release and the accompanying dividend declaration will continue to support buying activity on the local exchange even as institutional investors continue to look for clues about the direction of returns in FI market.
“However, we advise investors to take positions only in stocks that are fundamentally justified as the weak macro environment remains a significant problem for corporate earnings.”
Vetiva Dealings and Brokerage said: “AIRTELAFRI’s net loss of 5.20 percent undermined the positive performance seen all week, as all sectoral indices except industrials closed the week in the green.
“Also, for the first time this week, the NGXCNSMRGDS index closed in the red, as investors took profits in PZ, Nestle and Flourmills while BUAfoods and NB stopped bullish. We expect another mixed trading session next week, as investors profited from new gainers.
A total of 2,172 units of Exchange Traded Products, valued at N1.5 million were traded last week in 43 deals compared to a total of 1.308 million units valued at N6.536 million traded last week in 31 deals.
Also, a total of 6,695 units valued at N6.4 million were traded this week in 15 deals compared to a total of 69,961 units valued at N66.888 million transacted last week in 18 deals.
Thirty-eight equities appreciated during the week, lower than 44 equities in the previous week. 17 equities declined higher than 16 in the previous week, while 102 equities remained unchanged.