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Profit-taking takes up activities at NGX

Equities trading at the Nigerian Exchange Limited (NGX), last week, as equities investors took off profits from their investments.

Precisely, the All-Share Index declined by 2.7 per cent Week-on-Week (WoW) to close at 51,778.08 basis points, driven by sell-offs in MTN Nigeria, BUA Foods, Airtel Africa, International Breweries and some banking stocks.

Consequently, the Month-to-Date (MTD) loss increased to -2.3 per cent while the Year-to-Date (YTD) return moderated to +21.2 per cent.

Market capitalisation, therefore, settled at N27.914 trillion at the end of the week’s trading activities as an opening of N28,681 trillion, leaving investors with N767.3 billion.

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Analysis of performance at the local bourse indicated that 13 equities appreciated in price during the week, lower than 29 equities in the previous week. 51 equities depreciated in price higher than 36 equities in the previous week, while 92 equities remained unchanged higher than 91 equities recorded in the previous week.

Sectoral performance was broadly negative, following losses in the Banking, Oil and Gas, Consumer Goods, Insurance, and Industrial Goods indices.

Trading in the top three equities by volume namely United Bank for Africa Plc, Sterling Bank Plc, and Transcorp Plc accounted for 304.84 million shares worth N1.29 billion in 2,103 deals, contributing 32.39 per cent and 11.18 per cent to the total equity turnover volume and value respectively.

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Activity levels were weaker than in the prior week, as trading volume and value declined by 48.6 per cent and 41.0 per cent, respectively.

A total of 940.89 million shares valued at N11.49 billion were traded during the week across 20,077 deals on the floor of the Exchange. This is lower than the 1.8 billion units of shares valued at N19.49 billion that exchanged hands in the previous week in 21,723 deals.

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Similar to the previous week, the Financial Services Industry led the activity chart in of volume of shares traded with 692.33 million shares valued at N6.22 billion traded in 10,615 deals; hereby contributing 73.58 per cent and 54.12 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 89.87 million shares worth N246.06 million in 764 deals, while the Consumer Goods Industry, stood in third place with a turnover of 54.23 million shares worth N1.23 billion in 2,923 deals.

Profit-taking takes up activities at NGX

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