Market Records N15.3bn Turnover As Banks, Insurance Stocks Lead

High volume transactions in the stocks of some banks and insurance companies, last week, lifted the volume of shares traded as 914.4 million shares valued at N15.3 billion were exchanged in 18,021 deals.

The turnover was higher than 823 million units valued at N12.2 billion which changed hands in 17,482 deals the previous week.

At the close of transactions on Friday, the financial services industry (measured by volume) led the activity chart with 723 million shares valued at N5.2 billion traded in 9,122 deals. The sector contributed 79.08 per cent to the total market turnover.

The consumer goods sector followed, trading 51.1 million units of shares valued at N4.7 billion in 2,610 deals. The conglomerate industry ranked third with a turnover of 36.1 million shares worth N72.4 million in 527 deals.

Trading in the top three equities – Mutual Benefits Assurance Plc, FBN Holdings Plc and Access Holdings Plc (measured by volume) accounted for 325.8 million shares worth N1.8 billion in 1,897 deals, contributing 35.6 per cent to activities.

A total of 6,968 units of exchange-traded products (ETPs) valued at N894, 205.74 were traded in the week in 17 deals compared to a total of 2,378 units valued at N1.5 million transacted the previous week in 22 deals.

Also, 470 units of bonds, valued at N18.2 million were traded in 15 deals compared to a total of 78,821 units valued at N82.638 million transacted the preceding week.

The NGX all-share index (ASI) and market capitalisation appreciated by 0.6 per cent to close the week at 49,682.15 and N26.797 trillion respectively.

All other indices finished lower except NGX-Main Board, NGX 30 Index, NGX Insurance Index, NGX-AFR Bank Value and NGX Lotus II Indices appreciated by 2.56 per cent, 0.48 per cent, 3.88 per cent, 0.07 and 0.11 per cent while, NGX ASeM and Growth indices closed flat.

Twenty-seven equities appreciated during the week, higher than 21 equities in the previous week. Thirty-eight equities depreciated and that was lower than 41 recorded the previous week.

Chief Executive Officer of Investdata Consulting, Ambrose Omordion, said: “Price corrections in large-cap companies and retracement in the prices of some blue-chips, signaling the possibility of a rebound.

At this point, traders should try new strategies or experiments. Do not be upset with the market mood. Track the new strategy to measure if you are making headways because the factors against the market are many.

“While we note the effects of the increasing global volatility as a result of rising rates, inflation, geopolitical tension and slowing consumer spending, there are, however, pockets of strength in some sectors amidst impressive earnings releases that offer insights into strong stocks with value in the industries and companies in the various sectors.

“There is the possibility of sectors beating the next quarterly estimates and predictions, attaining their pre-pandemic performances as they deal with capacity amid soaring costs and insecurity.”