Analysis of last week’s transactions revealed a total turnover of 1.773 billion shares valued at N52.867 billion, traded in 44,713 deals. This is in contrast to the previous week, which saw a total turnover of 2.157 billion shares valued at N108.824 billion, traded in 51,556 deals.
The Financial Services Industry led the activity chart by volume, with 1.136 billion shares valued at N23.185 billion traded in 19,896 deals, contributing 64.04% and 43.86% to the total equity turnover volume and value respectively.
The Conglomerates industry followed with 339.390 million shares worth N5.874 billion in 3,650 deals. The Consumer Goods Industry took third place, with a turnover of 82.645 million shares worth N6.724 billion in 6,155 deals.
Trading in the top three equities, namely Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc (measured by volume), accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value respectively.
Analysts at Investdata Consulting commented on the market developments, stating, “We expect a continuation of the mixed sentiments as investors and traders digest the latest inflation rate at over 30% and also developments at the fixed income market, just as more corporate earnings with dividend are expected to hit the market and investors take advantage of low valuation to position and rebalance portfolios.
This is amid the volatility and pullbacks that add more strength to the upside potential. As such, investors should take advantage of price correction, also looking at the trends and events across the globe and domestically.” it added.