The number of shares moved last week increased as a result of high volume transactions in the equities of some banks and insurance companies, which saw 914.4 million shares worth N15.3 billion traded in 18,021 trades.
There were more transactions than the previous week’s 17,482 sales involving 823 million units valued at N12.2 billion.
With 723 million shares worth at N5.2 billion exchanged in 9,122 deals, the financial services sector dominated the activity chart at the end of trading on Friday. The industry made up 79.08% of the market’s overall turnover.
Following, the consumer goods sector traded 51.1 million shares worth N4.7 billion in 2,610 transactions. With a turnover of 36.1 million shares for N72.4 million in 527 deals, the conglomerate industry came in third.
Trading in the top three stocks, Mutual Benefits Assurance Plc, FBN Holdings Plc, and Access Holdings Plc, contributed 35.6% of all transactions with 325.8 million shares worth N1.8 billion in 1,897 deals.
Exchange-traded products (ETPs) totaled 6,968 units worth N894, 205.74 were traded in 17 deals last week, up from 2,378 units worth N1.5 million sold in 22 deals the week before.
Additionally, 470 bonds worth N18.2 million were traded in 15 trades, down from a total of 78,821 bonds worth N82.638 million that were sold the week before.
The market capitalization and NGX all-share index (ASI) both increased by 0.6% to end the week at 49,682.15 and N26.797 trillion, respectively.
The NGX-Main Board, NGX 30 Index, NGX Insurance Index, NGX-AFR Bank Value, and NGX Lotus II Indices rose by 2.56 %, 0.48 %, 3.88 %, 0.07 %, and 0.11 %, respectively, while the NGX ASeM and Growth indexes ended flat. All other indices finished worse.
The number of stocks that increased throughout the week was 27, up from 21 stocks the week before. 38 stocks declined, which was fewer than the 41 that did so the week before.
“Price corrections in large-cap businesses and retracement in the prices of several blue-chips, signifying the prospect of a rebound,” said Ambrose Omordion, the chief executive officer of Investdata Consulting.
Traders should now test out novel tactics or research. Don’t let the state of the market bother you. Because there are several elements working against the market, monitor the new strategy to see if you are making progress.
Despite impressive earnings reports that provide insights into strong stocks with value in the industries and companies in the various sectors, there are pockets of strength in some sectors. “While we note the effects of the increasing global volatility as a result of rising rates, inflation, geopolitical tension, and slowing consumer spending,” the report reads.
“There is the possibility of sectors beating the next quarterly estimates and predictions, attaining their pre-pandemic performances as they deal with capacity amid soaring costs and insecurity.”