Last week saw the continued dominance of the bears at the
The Central Bank of
Experts told THISDAY that what happened in the market last week was not unconnected to recent news flow that the CRR on public sector deposits for banks might be moved to 100 per cent alongside the CRR on private sector deposits to 15 per cent by the
The market had last Monday resumed on a poor note as the benchmark index shed 0.31 per cent to close at 40,648pts. Banking stocks were mostly responsible for the decline as
Also, the Oil & Gas sector weighed down by
The bears sustained their hold on the Nigerian equities market on Tuesday as the index closed 0.48 per cent lower at 40,454pts. The negative ride was sector wide as all key sectors on the bourse closed red.
The banking sector led the decline with a 1.14 per cent loss, dampened by ETI,
The market remained weak on Wednesday as the benchmark index retreated 0.43 per cent or 175 points to close the day on a humble note at 40,279 points.
However, there was an increase in volume of stocks exchanged by 3.5 per cent to 354.89 million units. Value transacted as well rose 35.6 per cent to N5.92 billion from the previous session.
Sell pressure continued on Thursday dragging the benchmark index southwards for the fourth straight day with 2.24 per cent reduction.
Also, trading activities on the Exchange reduced by 2.26 per cent as investors bought N335.30 million shares worth N4.75 billion, in 5,013 deals compared to N343.05 million shares worth N4.37 billion in in 5,901 deals exchanged on Wednesday.
At the close of business last Friday the Exchange's benchmark index plummeted 2.24 per cent, recording a new low of 39,378 points,. The bears were fully in control as the bulls made away with only eight stocks on the advancers' chart at the close of trade.
Stock Market Indicators Expectedly, most major market indicators closed northward, fuelling speculations that bargain hunting activities may help turnaround the situation in the week ahead.
Analysis of trading numbers showed that the
Likewise, all of the NSE sector indices depreciated during the week. The NSE 30 depreciated by 5.64 per cent to close at 1,741.97,
Market Turnover A further analysis of trading activity for the week showed that a turnover of 1.918 billion shares worth N25.134 billion in 25,346 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.591 billion shares valued at N23.079 billion that exchanged hands the previous week in 26,257 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.465 billion shares valued at N12.927 billion traded in 13,693 deals; thus contributing 76.37 per cent and 51.43 per cent to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with a turnover of 145.423 million shares worth N1.239 billion in 2,716 deals. The third place was occupied by the Conglomerates Industry with 137.095 million shares worth N630.718 million in 1,546 deals.
Trading in the top three equities namely,
Also traded during the week were a total of 225 units of NewGold Exchange Traded Funds (ETFs) valued at N459,220.00 executed in 6 deals compared with a total of 165 units of NewGold valued at N326,855 million transacted last week in 3 deals. Similarly, 600 units of FGN bonds valued at N663,189.87 were this week traded in 7 deals compared with a total of 1,090 units of FGN bonds valued at N1.212 million transacted last week in 11 deals.
Gainers and Losers Meanwhile, the price movement chart of the NSE displayed a total of 16 equities appreciated in prices during the week lower than 46 equities of the preceding week. Sixty-seven equities depreciated in prices higher than 39 equities of the preceding week, while 115 equities remained unchanged higher than 113 equities in the previous week.
The top 10 gainers in the top 10 category were:
On the other hand, the top 10 losers included:
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