Market breadth shrinks as Profit Taking Dominated Week Trading

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CEM REPORT | Trading in the week was dominated by profit taking leading to depression in the breadth of the market at close of the week

A total turnover of 1.374 billion shares worth N23.786 billion in 28,809 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.668 billion shares valued at N19.481 billion that exchanged hands last week in 25,979 deals.

The Financial Services Industry (measured by volume) led the activity chart with 889.542 million shares valued at N8.036 billion traded in 14,034 deals; thus contributing 64.74% and 33.78% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 131.154 million shares worth N199.272 million in 1,259 deals. The third place was The ICT Industry, with a turnover of 89.777 million shares worth N10.593 billion in 2,119 deals.

Trading in the top three equities namely FCMB Group Plc, Transnational Corporation of Nigeria Plc and Zenith Bank Plc (measured by volume) accounted for 416.676 million shares worth N2,989 billion in 3,321 deals, contributing 30.32% and 12.57% to the total equity turnover volume and value respectively.

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The NGX All-Share Index and Market Capitalization depreciated by 0.13% to close the week at 47,268.61 and N25,475 trillion respectively.

Similarly, all other indices finished lower with the exception of NGX Premium, NGX AseM, NGX Meri Growth, NGX Oil/Gas and NGX Sovereign bond indices.

Twenty-two (22) equities appreciated in price during the week, lower than Forty-four (44) equities in the previous week. Forty-nine (49) equities depreciated in price, higher than Twenty-two (22) equities in the previous week, while Eighty-five (85) equities remained unchanged lower than Ninety (90) equities recorded in the previous week.

Leading gainers is Seplat Energy Plc with a whopping N174.1, a 20.25% gain having closed the week with N1,034.00 from the N859.90 it started the week with. Linkage Assurance Plc followed with 16.00% gain while FCMB Group Plc. came third with 11.80%

On the decliners table, R T Briscoe Plc came top having lost 32.98% of the beginning of the week price, followed by Learn Africa Plc while Nigerian Exchange Group came third in the category.

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