SAT. 28 JANUARY, 2023-theGBJournal|Mixed sentiments dominated trading activities on the bourse as bargain buying in GEREGU (+15.3%) amid profit-taking activities in MTNN (-2.1%) underpinned a +0.1% increase in the All-Share index to 52,638.93 points.
Consequently, the YTD gain settled at 2.7%. Activity levels were weak, as trading volume and value decreased by 43.3% w/w and 25.6% w/w, respectively.
A total turnover of 756.769 million shares worth N13.653 billion in 18,248 deals was traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.241 billion shares valued at N15.668 billion that exchanged hands last week in 18,560 deals.
Trading in the top three equities namely FBN Holdings Plc, Guaranty Trust Holding
Company Plc and Fidelity Bank Plc, (measured by volume) accounted for 165.522 million shares worth N2.320 billion in 2,530 deals, contributing 21.87% and 16.99% to the total equity turnover volume and value respectively.
Sectoral performance was broadly positive as the Oil & Gas (+1.7%), Banking (+1.6%), Insurance (+0.8%) and Industrial Goods (+0.4%) indices recorded gains.
Meanwhile, the Consumer Goods (-1.1%) index declined.
The Financial Services Industry (measured by volume) led the activity chart with 454.718 million shares valued at N4.813 billion traded in 8,214 deals; thus contributing 60.09% and 35.26% to the total equity turnover volume and value respectively.
The ICT Industry followed with 61.735 million shares worth N1.647 billion in 1,600 deals. The third place was the Conglomerates Industry, with a turnover of 56.842 million shares worth N119.141 million inb622 deals.
In the subsequent weeks, it is expected that the NGX will be flooded with corporate earnings as more companies publish audited 2022FY numbers, which will be accompanied by dividend declarations.
We believe this should provide a catalyst for buying activities even as risk-averse investors are likely to remain cautious due to medium-term expectations of an uptick in FI yields.
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