During the week, selloffs in Seplat, Fidelity Bank, and Transnational Corporation, among 34 other declined equities, drove the Nigerian Exchange Ltd. (NGX) broader index down by 0.08 per cent week-on-week.

Notably, the NGX All-Share Index and market capitalisation depreciated by 0.08 per cent to close the week at 99,221.14 and N56.128 trillion, respectively, as against 99,300.38 and N56.172 trillion, respectively, posted last week.

As a result, stock market investors lost N44 billion week-on-week.

Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Insurance and NGX Consumer Goods, which appreciated by 0.08 per cent, 0.84 per cent and 0.33 per cent respectively.

However, the NGX ASeM, NGX Industrial Goods and NGX Sovereign Bond indices closed flat.

Meanwhile, 35 equities appreciated in price during the week, lower than 45 equities in the previous week.

37 equities depreciated in price, higher than 25 in the previous week, while 82 equities remained unchanged, lower than 84 recorded in the previous week.

Specifically, Unity Bank led the losers’ table by 21.57 per cent to close at N1.20; Sovereign Trust Insurance followed by 13.64 per cent to close at 38k per share.

Transnational Corporation lost 11.21 per cent to close at N10.30, Sunu Assurances shed 10.85 per cent to close at N1.15, and Prestige Assurance dropped 10.71 per cent to close at 50k per share.

On the gainers’ table, RT Briscoe led by 25 per cent to close at 60k, Oando Plc trailed by 23.73 per cent to close at N14.60, and Eterna Plc gained 22.45 per cent to close at N15 per share.

Deap Capital Management and Trust Plc rose by 20 per cent to close at 48k and Red Star Express Plc added 15.73 per cent to close at N3.90 per share.

Meanwhile, a total turnover of 1.703 billion shares worth N30.495 billion in 37,765 deals was traded this week by investors on the Exchange, in contrast to 2.189 billion shares valued at N31.303 billion that exchanged hands last week in 39,362 deals.

The financial services industry, measured by volume, led the activity chart with 1.222 billion shares valued at N15.876 billion traded in 18,782 deals.

This contributed 71.77 per cent and 52.06 per cent to the total equity turnover volume and value, respectively.

The oil and gas industry followed with 171.174 million shares worth N3.549 billion in 3,699 deals.

The consumer goods industry took third place, with a turnover of 116.145 million shares worth N4.434 billion in 4,163 deals.

Trading in the top three equities, namely: Fidelity Bank Plc, Access Holdings Plc and Veritas Kapital Assurance Plc measured by volume, accounted for 583.809 million shares worth N5.740 billion in 4,733 deals.

This contributed 34.28 per cent and 18.82 per cent to the total equity turnover volume and value, respectively.

According to analysts at Cowry Asset Management Ltd., looking ahead to the next week, a mixed trend is expected.

The analysts predicted that this would be driven by profit-taking activities, the publication of third-quarter earnings forecasts by corporates, and portfolio rebalancing.

They noted that market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.

“Investors and traders are expected to also position themselves for expected macroeconomic data, such as the Consumer Price Index for May.

“However, investors are advised to trade in stocks of companies with sound fundamentals,” the analysts added.

(NAN)