Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed the first trading week of September on the downside as the NSE All-Share Index and market capitalisation both depreciated by 1.38 per cent to close last week at 27,146.57 and N13.207 trillion respectively.
Similarly, all other indices finished lower with the exception of NSE Banking, NSE Pension, NSE Insurance, NSE-AFR Bank Value, NSE AFR Div Yield, NSE MERI Value, and NSE Industrial Goods Indices, which appreciated by 0.20 per cent, 0.84 per cent, 0.83 per cent, 1.56 per cent, 1.41 per cent, 1.64 per cent, and 0.59 per cent while the NSE ASeM index closed flat.
A total turnover of 1.101 billion shares worth N17.082 billion in 15,431 deals were traded by investors in contrast to a total of 713.141 million shares valued at N13.295 billion 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 N9.900 billion 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 N239.250 million in 883 deals. The third place was Construction/Real Estate Industry with a turnover of 65.808 million shares worth N66.730 million in 100 deals.
Trading in the top three equities, Guaranty Trust Bank Plc, Access Bank Plc and Zenith Bank Plc (measured by volume), accounted for 530.372 million shares worth N9.096 billion in 3,604 deals, contributing 48.17 per cent and 53.25 per cent to the total equity turnover volume and value respectively.
Twenty seven equities appreciated in price during the week, higher than the 25 in the previous week. Thirty four equities depreciated in price, lower than 35 in the previous week, while 105 equities remained unchanged, lower than 106 recorded in the preceding week.
A total of 3,692 units valued at N1.974 million were traded last week in 10 deals compared with a total of 4,865 units valued at N76,851.65 transacted the previous week in 15 deals.
A total of 47,690 units of Federal Government Bonds valued at N51.008 million were traded in 15 deals compared with a total of 4,336 units valued at N4.443 million transacted the previous week in 12 deals.
Analysts at Cordros Capital said: “Over the coming week, we expect the market to remain pressured given global risk-off sentiments and weak domestic participation.
“Nonetheless, we note that valuations remain attractive, while price deteriorations have resulted in expected dividend yields on some stocks rising significantly. Hence, we advise long-term investors to consider taking positions in such fundamentally justified equities, while short-term investors should tread the cautious trading path.”