GDP Growth Fall Dampens Market Performance By N184bn
Analysts at Vetiva Capital Management Limited said sentiment in the equity space remained dampened further last week by economic metrics which showed a decline in non-oil Gross Domestic Product growth.
In their weekly market report, they said with no catalyst to stem the tide of the market, another negative week in the equities space was expected this week.
The equities market declined further with the All Share Index dropping by 138 basis points as losses in the consumer goods sector drove the market lower.
The market capitalisation of equities shed N184bn as it dropped to N13.207tn on Friday last week from N13,391tn on the Friday of the previous week.
Despite Guaranty Trust Bank Plc and FBN Holdings Plc closing in the red, the banking sector ended the week on a positive note.
Meanwhile, despite losses recorded on market heavyweight Dangote Cement Plc, gains in Cement Company of Northern Nigeria Plc and Lafarge Africa Plc pushed the industrial goods index 0.59 per cent higher.
A total turnover of 1.101 billion shares worth N17.082bn in 15,431 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 713.141 million shares valued at N13.295bn that exchanged hands the previous week in 16,237 deals.
The financial services industry (measured by volume) led the activity chart with 752.440 million shares valued at N9.900bn traded in 8,519 deals; thus contributing 68.34 per cent and 57.96 per cent to the total equity turnover volume and value, respectively.
The conglomerates industry followed with 93.204 million shares worth N239.250m in 883 deals.
The third place was occupied by the real estate industry with a turnover of 65.808 million shares worth N66.730m in 100 deals.
Trading in the top three equities namely; GTB, Access Bank Plc and Zenith Bank Plc (measured by volume) accounted for 530.372 million shares worth N9.096bn in 3,604 deals, contributing 48.17 per cent and 53.25 per cent to the total equity turnover volume and value, respectively.
The market capitalisation depreciated by 1.38 per cent to close the week at N13.207tn.
Twenty-seven equities appreciated in price last week while 34 losers were recorded, compared to the 25 gainers and 35 losers recorded in the previous week.