Bank stocks on the Nigerian Exchange Group (NGX)’s platform grew by 3.72 per cent.
Investors gained N148 billion as the bulls regained control of the market following a flawless victory over the bears in the three trading sessions of the week.
Investors showed high interest stocks of Access, Guaranty Trust Bank, Zenith Bank,with the market’s All-Share Index (ASI) and market capitalisation appreciated by 0.72 per cent to close the week at 39,481.89 points and N20.579trillion respectively from 39,198.75 and N20.431 trillion recorded in the previous trading week.
Daily Sun analysis revealed that performance across sectors was broadly positive, with the Banking (+3.27 per cent) index topping the gainers’ chart, followed by the Insurance (+1.9 per cent), the Industrial Goods (+0.8 per cent), and Consumer Goods (+0.3 per cent) indices while the Oil and Gas (0.0 per cent) index closed flat.
According to market analysts, bearish sentiments might take over this week’s transactions and the weak macro-economic situation does not bode well for stocks’ appreciation.
Cordros capital, in their weekly assessment of the market, said, “We do not think the bulls will repeat the flawless victory that ensued last week as the bears are likely to book profit across most counter
“Consequently, we see more of a “choppy theme” as cautious trading takes centre stage ahead of a critical MPC meeting later in the month. Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings”.
Meanwhile, a total turnover of 840.334 million shares worth N9.561billion in 13,239deals were traded by investors on the floor of the exchange, in contrast to a total of 1.419 billion shares valued at N15.918 billion that exchanged hands previously in 18,459 deals.
The Financial Services Industry (measured by volume) led the activity chart with 541.015million shares valued at N5.493 billion traded in 7,824 deals; thus contributing 64.38 and 57.45 per cent to the total equity turnover volume and value respectively.
The ICT industry followed with 90.382 million shares worth N571.642million in 500 deals while the Conglomerates industry recorded a turnover of 84.792 million shares worth N512.775 million in 551 deals. Trading in the top three equities namely Access Bank Plc, Zenith Bank Plc and Etranzact International Plc (measured by volume) accounted for 284.924million shares worth N3.470billion in 2,533deals, contributing 33.91 and 36.29 per cent to the total equity turnover volume and value respectively.