Financials Dominate NGX’s Business, Contributing 66.5% of Revenue | The Guardian Nigeria News

The financial services sector dominated equity trading, in terms of volume, at the end of last week’s trading on the trading floor of the Nigerian Exchange Limited (NGX).

The sector topped the activity chart with 398.3 million shares valued at N2.2 billion naira traded in 8,247 deals. Thus, it contributed 66.51% of the total stock turnover.

The conglomerate industry followed with 37.5 million shares worth N49.5 million in 393 deals, while the ICT industry came third with turnover of N30. .7 million shares worth N8.3 million in 1,218 transactions.

Trading in the top three stocks – Mutual Benefit, Sterling Bank and Fidelity Bank Plc (measured by volume) – accounted for 181.3 million shares worth N248.9 billion in 854 trades, contributing 30, 3% to the total turnover of the shares.

A total turnover of 598.8 million shares worth N14.2 billion was recorded in 15,859 transactions by investors on the stock exchange floor, lower than a total of 938.02 million units valued at N16.701 billion which changed hands in 15,700 transactions in the previous week. .

1,963 units of bonds worth N1.736 million were traded in six deals, compared to a total of 14,672 units worth N14.269 million traded in eight deals during the of the previous week.

The all-stock index and market capitalization depreciated by 1.09% to end the week at 43,912.64 points and 23,918 billion naira respectively.

Similarly, all the other indices ended down except for the NGX-Main Board, NGX Banking, NGX MERI Value and NGX Industrial indices which appreciated by 0.83%, 0.07%, 1.21 respectively. % and 0.34%, while the NGX ASeM and NGX Growth indices closed flat.

In particular, the sale of DANGCEM (-10%) during the last trading session, and the losses of Airtel Afr (-2.8%) and GTCO (-3.2%) led to the weekly loss.

Analysts are predicting a sustained rally in the upside as more third-quarter scorecards hit the stock market.

Cordros Capital said, “We expect a mixed market performance over the coming week as bulls are likely to increase their positions in light of decent corporate earnings releases this week.

“On the other hand, we still see the possibility of intermittent profit-taking activity given the improving yields in the FI market.

“Nevertheless, we advise investors to only take positions in stocks that are fundamentally justified, as the weakness in the macro story remains a significant headwind for corporate earnings.”

Investdata Consulting Limited said: “As more and more company figures hit the market, the question on the lips of savvy investors is whether or not these third quarter earnings could help NGX sustain this momentum. positive.

“In the current market situation, understanding the big picture and the outlook for expected corporate financial reports in this changing business environment across the globe and locally will help market participants reposition their portfolios.

“Meanwhile, bargain hunters are capitalizing on the continued low valuation in hopes of closing the gap in future dates to make a profit. This is just when bank stocks are attracting attention, despite profit taking.

On the price action chart, 29 stocks rose during the week, down from 33 stocks the previous week. 31 stocks depreciated at the price above 29 the previous week, while 97 stocks remained unchanged above the 95 stocks recorded the previous week.

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