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The Nigerian equities market closed week on a bearish note, declining by N1.582 trillion as renewed sell offs in selected mid and large stocks weighed on the market performance.
This resulted in the market capitalization of listed equities declining by 0.97 per cent to close at N161.260 trillion from N162.842 trillion reported the previous day.
The NGX benchmark All Share Index also declined by 2436.72 basis points to 248363.55 points against 250808.27 reported two weeks ago.
Market sentiment remained weak, as market breadth closed negative with 54 decliners against 24 advancers,
indicating that losses outweighed gains across the market, bringing year to date return to 59.60 per cent.
Trading activity during the week was mixed, with the number of deals and transaction value increasing by 1.61 per cent and 2.10 per cent week on week (WoW), respectively, while trading volume declined by 14.25 per cent.
Investors for the week traded 2.715 billion shares valued at N158.280 billion across 209,985 deals during the week against 3.166 billion shares valued at N155.023 billion exchanged hands the previous day in 206662 deals.
An analysis of the trading for the week showed that the financial services Industry led the activity chart with 2.005 billion shares valued at N82.924 billion traded in 94,483 deals, contributing 73.84 per cent and 52.39 per to the total equity turnover volume and value respectively.
The Consumer Goods industry followed with 152.345 million shares worth N11.425 billion in 20,926 deals. Third
position went to the ICT Industry, with a turnover of 117.296 million shares worth N15.256 billion in 22,556 deals.
Trading in the top three equities, namely Access Holdings Plc, Zenith Bank Plc and United Bank for Africa Plc accounted for 1.020 billion shares worth N50.520 billion in 29,382 deals, contributing 37.56 per cent and 31.92 per cent to the total equity turnover volume and value respectively.
Under sectoral performance the Nigerian Exchange closed the week predominantly in a negative territory, as four of the five major sectors recorded losses amid broad-based selling pressure.
The sectoral performance points to persistent risk aversion, particularly in Oil and Gas and Banking stocks, while the marginal gain in Industrial Goods suggests selective buying interest rather than a general market recovery.
The Oil and Gas sector led the downturn, declining by 3.85 per cent, dragged by Aradel Plc and Eterna which outweighed a 4.00 per cent gain in Oando.
The Banking sector followed with a 2.64 per cent decline, reflecting losses in Fidelity bank, FirstHoldco and GTCO, Plc despite a marginal gain in Zenith Bank.
The Insurance sector shed 1.74 per cent as losses in Mansard and Conhall Plc outweighed significant gains in Guinea Insurance and Regal insurance.
Similarly, the Consumer Goods sector declined by 0.58 per cent , pressured by Nestle Nigeria Plc, HoneyWell Flour and Unilever Nigeria Plc, despite advances in Multitrex and Dangote Sugar.
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