The market faced new headwinds this week from desperation by investors pursuing yield in equities with recently garnered gains, forcing how much stocks have lost this year to cross N600 billion.
On Thursday, Access Bank, Nigeria’s biggest bank by asset, issued its half-year audited financials, which came with strong improvement across key performance parameters but that hasn’t made a marked difference in the broader market.
Yet, the pivot the market and possibly the economy needs to reverse current setbacks could emerge if the earnings reports of three other big banks – GTCO, FBN Holdings and UBA – turn out significantly positive when they are released in the days ahead.
All the key market performance indicators declined this week. Market breadth ended in the negative, drawing 36 laggards against 26 gainers.
The all-share index and market capitalisation simultaneously fell by 0.57 per cent.
Nigerian stocks rally with N102 billion gain
Trade volume of 1.3 billion shares estimated at N8.7 billion was posted in 19,830 deals, relative to the 1 billion shares worth N8.2 billion that were traded in 18,102 deals last week.
The financial services sector topped the activity table, with 615.6 million shares valued at N4.2 billion and traded in 9,131 deals. It added 46 per cent and 48.4 per cent to the total equity volume and value respectively.
The conglomerates industry came next, trading 253.4 million shares estimated at N280.8 million in 1,126 deals. The consumer goods industry was third, trading 185.9 million shares priced at N1.6 billion in 4,107 deals.