Nigerian Stock Exchange
Analysts predict additional losses on discount searching
At the tip of yesterday’s transactions on the fairness sector of the Nigerian Stock Exchange, the NSE All-share index and market capitalization depreciated by 2.74 per cent to shut the week at 37,862.53 and N13.716 trillion respectively.
Similarly, all different indices completed decrease except the NSE Insurance Index that appreciated by three.55 per cent, whereas the NSE ASeM Index closed flat.Meanwhile, a whole turnover of 1.097 billion shares value N15.471 billion have been recorded in 16,288 offers by traders on the ground of the Exchange in distinction to a whole of 1.738 billion shares valued at N18.462 billion that was exchanged fingers in 14,790 offers through the previous week.
The drop in tutnover might, nevertheless be attributed to the someday vacation declared on Monday June 18th, 2018 to commemorate the Eid-al-Fitr celebrations.Specifically, the monetary companies trade (measured by quantity) led the exercise chart with 816.547 million shares valued at N9.425 billion traded in 9,263 offers; thus contributing 74.44% to the whole fairness turnover quantity .
The shopper items trade adopted with 76.361 million shares value N2.992 billion in 2,545 offers. The third place was occupied by the oil and gasoline trade with a turnover of 51.600 million shares value N594.590 million in 1,744 offers.Trading in the highest three equities particularly – United Bank for Africa Plc, Zenith International Bank Plc and FBN Holdings Plc (measured by quantity) accounted for 325.580 million shares value N4.854 billion in three,381 offers, contributing 29.68% to the whole fairness turnover quantity.
Analysts at vetiva Reseatch mentioned: “Sentiment this week was largely bearish, characterized by huge losses in select large caps. Though there is still some room for further losses, we foresee bargain hunting at week open as investors take position on depressed stocks.”
Further breakdown of final weeks trading confirmed that a whole of 61 models of Exchange Traded Products (ETPs) valued at N899.80 executed in seven offers final week, in contrast with a whole of 62,392 models valued at N1.004 million that was transacted final week in 13 offers.
A complete of 370 models of Federal Government valued at N371,261.96 have been traded this week in three offers, in contrast with a whole of 9,850 models valued at N9.999 million transacted final week in 10 offers.
25 equities appreciated in value through the week, decrease than 40 in the earlier week. 44 equities depreciated in value, increased than 28 equities of the earlier week, whereas 100 equities remained unchanged decrease than 101 equities recorded in the previous week.