… warn investors against sentimental decisions
Capital market operators and analysts have tasked discerning investors to channel their funds to shares of Linkage Insurance Plc, Skye Bank Plc, First City Monument Bank Plc, and Access Bank Plc in the new week.
Some of them also advised investors to avoid sentiments while taking decisions on where to put their money in the New Year.
The Chief Operating Officer, InvestData Limited, Mr. Ambrose Omorodion, lauded the upward movement of the shares of Linkage Assurance, Skye Bank and FCMB, last week, adding that there would be a repeat performance in the new week.
He noted that the market was likely to witness panic selling and re-positioning ahead of the earnings reporting season, this week.
An asset management analyst, Mr. Oluwasina Kazeem, said that the bullish sentiment was due to early positioning by all classes of market players in low, medium and highly capitalised stocks, ahead of the earnings season.
Kazeem projected that investors would likely embark on profit taking to take advantage of growth recorded by the market in the past few weeks.
Meanwhile, a total turnover of 2.940 billion shares, worth N27.924 billion, were traded last week in 28,570 deals by investors on the floor of the Exchange, in contrast to a total of 4.426 billion shares valued at N24.236 billion that exchanged hands last week, in 29,573
deals.
Financial Services Industry (measured by volume) led the activity chart with 2.174 billion shares, valued at N17.033 billion, traded in 19,013 deals; thus contributing 73.96 per cent and 61.00 per cent to the total equity turnover volume and value, respectively.
The Services Industry followed with 232.482 million shares, worth N216.990 million, in 734 deals. The third place was occupied by Conglomerates Industry, with a turnover of 170.422 million shares, worth N499.400 million in 1,578 deals.
Trading in the Top Three Equities namely: Linkage Assurance Plc, Skye Bank Plc and FCMB Group Plc (measured by volume) accounted for 809.798 million shares, worth N1.130 billion in 2,551 deals, contributing 27.55 per cent and 4.04 per cent to the total equity turnover volume and value, respectively.
Also, traded last week were a total of 25,586 units of Exchange Traded Products valued at N3.004 million, executed in 11 deals, compared with a total of 1.200 million units valued at N6.951 million that was transacted the previous week, in 10 deals.
A total of 2,785 units of Federal Government Bonds valued at N2.627 million were traded last week in 16 deals, compared with a total of 14,779 units valued at N14.050 million, transacted in the previous week, in 18
deals.
The NSE’s All-Share Index and Market Capitalisation depreciated by 1.13 per cent to close the week at 42,638.83 and N15.302 trillion, respectively. Similarly, all other indices finished lower during the week with the exception of the NSE Pension Index that appreciated by 0.08 per cent, while the NSE ASeM Index closed flat.
