A total turnover of 1.538 billion shares worth N24.218 billion in 19,187 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.394 billion shares valued at N25.037 billion that exchanged hands in the previous week in 23,133 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.209 billion shares valued at N14.210 billion traded in 10,692 deals; thus contributing 78.65% and 58.68% to the total equity turnover volume and value respectively.
The Agriculture Industry followed with 109.646 million shares worth N154.438 million in 321 deals. The third place was occupied by Consumer Goods Industry with a turnover of 83.608 million shares worth N6.247 billion in 3,726 deals.
During the week, the last of Tier-1 lenders was yet to release half year 2017 scorecards; Access Bank, Ecobank Transnational Incorporated and United Bank for Africa submitted audited financials with better than expected performance reported across earnings metrics.
Nonetheless the impressive results from the Tier-1 banks, the All Share Index ended the week in the red, down 0.7 per cent week-on-week, while year-to-date gain moderated to 36.4 per cent. Also, market capitalisation fell by N94.5 billion to settle at N12.6 trillion.
The negative close was against the backdrop of sell-offs in large cap stocks including Dangote Cement (-4.0%), Lafarge Cement WAPCO (-3.4%), Zenith Bank (-5.8%), Total Nigeria (-5.0%) and Unilever Nigeria (-9.2%).
Activity level was, however, mixed as average traded volume rose 10.3 per cent to 307.5 million units, while average traded value fell 3.3% to N4.8 billion week-on-weeks.
Overall sector performance was mixed as three of five sector indices declined against two. The Oil & Gas index declined the most with a loss of 3.7 per cent on the back of sell-offs in Mobil Nigeria (-14.5%), Conoil (-14.2%) and Total Nigeria (-5.0%).
The industrial goods index followed with a decline of 3.3 per cent due to profit-taking in Dangote Cement (-4.0%) and Lafarge Cement WAPCO (-3.4%).
Likewise, the Insurance index closed the week 1.8 per cent lower on account of price depreciations in Mansard Insurance (-7.3%) and LINKASSURE (-6.5%).
On the gainers chart, the consumer goods index led with a 2.4 per cent week-on-week return owing to buy interest in Nigerian Breweries (+5.0%), Dangote Flour Mills (+10.3%) and Dangote Sugar Refinery (+6.6%), while the banking index closed 0.3 per cent higher due to upticks in Guaranty Trust Bank (+2.3%), United Bank for Africa (+3.7%) and Access Bank (+2.9%).
Source : Independent