The NGX ASI declined by 0.86 per cent to 38,921.78 basis
points on Friday from 39,201.33bps the previous week, while the market
capitalisation fell to N20.28tn from N20.46tn.
All indices, with the exception of NGX Consumer Goods (+0.18
per cent), NGX Oil/Gas (+2.28 per cent) and NGX Sovereign Bond (0.26 per cent),
depreciated, while the NGX ASeM, NGX Industrial Goods and NGX Growth indices
closed flat.
A total turnover of 1.43 billion shares worth N13.07bn in
19,315 deals were traded last week by investors on the floor of the exchange,
in contrast to a total of 1.34 billion shares valued at N8.65bn that exchanged
hands in 19,830 deals in the previous week.
Measured by volume, trading in the top three equities,
namely FBN Holdings Plc, Access Bank Plc and Wema Bank Plc, accounted for
626.76 million shares worth N4.46 in 2,802 deals, contributing 43.95 per cent
and 34.10 per cent to the total equity turnover volume and value respectively.
Twenty-five equities appreciated in price during the week,
lower than 26 equities in the previous week. Thirty-four equities depreciated
in price, lower than 36 equities in the previous week, while 97 equities
remained unchanged as against 94 equities in the previous week.
Cornerstone Insurance Plc topped the losers’ chart as its
share price fell by 15.79 per cent to N0.48.
It was followed by UPDC Plc, whose share price dropped by
10.06 per cent to N1.61 per share.
Other major losers for the week were SCOA Nig. Plc (-9.72
per cent), Glaxo SmithKline Consumer Plc (-9.56 per cent) and Wema Bank Plc
(-9.41 per cent).
The top gainer during the week was Oando Plc with a share
price increase of 14.30 per cent to N4.64.
It was followed by FTN Cocoa Processors Plc, which rose by
11.11 per cent to end the week at N0.50 per share.
Mutual Benefits Assurance Plc, United Capital Plc, and CHAMS
Plc also saw increases of 10.71 per cent, 8.99 per cent and 4.76 per cent
respectively.
Analysts at Atlas Portfolios Limited said, “We expect the
bargain hunting to dominate the equity market next week amid the decline of
price in the recent weeks. However, the depreciation of naira in the FX market
may continue to weigh on investors’ confidence.
“In the week ahead, we anticipate cautious trading in the
bourse following the MPC meeting scheduled for next week, says analysts from
Cordros Capital.
“Notwithstanding, we advise investors to take positions in
only fundamentally justified stocks as the weak macro story remains a
significant headwind for corporate earnings.”
Meanwhile, the NGX has notified the public that it had
suspended trading in AXA Mansard Plc’s shares due to the redenomination of the
company’s stock.
It said Mansard would be carrying out a reverse stock split
to increase the nominal value of its shares from 50 kobo each to N2.00 each by
the consolidation of every four shares held by each shareholder into one share.