Huge transactions in the shares of some banks, especially Access Bank Plc and Guaranty Trust Holding Company Plc (GTCO) and Fidelity Bank Plc, last week, lifted the volume of shares traded, as a turnover of 1.33 billion shares worth N22 billion were recorded in 24,039 deals by investors on the floor of the Nigerian Exchange Limited (NGX).

This volume of shares traded was, however higher, a total of 1.785 billion units, valued at N19.61 billion that was exchanged in 27,822 deals during the week ended January 4, 2022.

The top three equities accounted for 316.76 million shares worth N4.5 billion in 3,476 deals, contributing 23.8 per cent to the total equity turnover volume.

On the sectoral activity chart, the financial services industry (measured by volume) led the activity chart with 886.12 million shares valued at N10 billion traded in 11,563 deals.

The sector contributed 66.6 per cent to the total equity turnover volume. The consumer goods industry followed with 107.59 million shares valued at N4.5 billion in 3,833 deals.

The conglomerate industry ranked third with a turnover of 102.19 million shares worth N198 million in 1,008 deals.

Analysts at Codros Capital said: “In the coming week, we expect investors to take advantage of the moderation in the share prices to make a re-entry in dividend-paying stocks ahead of subsequent 2021FY earnings releases.

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“However, we believe investors will remain reluctant to leave gains in the market. As such, we expect intermittent profit-taking to continue due to uncertainties about the direction of yields in the FI market.

“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings.”

Vetiva Dealings and Brokerage said: “Despite the ASI closing the week down by 16bps, overall market sentiment trended slightly bullish as seen in the week’s sectoral performance.

“We expect the market to pick up from Friday’s negative close as sell pressure is likely to persist especially in the banking sector.”

Also, a total of 31,239 units of exchange-traded products (ETFs) valued at N37.25 million were traded this week in 53 deals compared with a total of 24,350 units valued at N574,834.85 transacted in 38 deals.

Also, 79,150 units of bonds, valued at N83.791 million were traded in 25 deals compared to a total of 61,682 units valued at N63.31 million transacted in eight deals during the preceding week.

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On the price movement chart, the five-week bullish run came to a halt last week, as investors took profits off dividend-paying stocks. Precisely, the equities market recorded losses in three of the five trading sessions of the week, following profit-taking in the shares of Okomu oil (-10.0 per cent), Buafoods (-4 per cent), GTCO (-3.4 per cent), Seplat (-2.3 per cent) and MTNN (-1.2 per cent).

Consequently, the NGX All-Share index and market capitalisation depreciated by 0.16 per cent to close the week at 47,202.30 and N25.436 trillion.

Similarly, all other indices finished lower except NGX 30, NGX Banking, NGX Pension, NGX Insurance, NGX AFR Bank, NGX AFR Div. Yield, NGX Meri Value, NGX Consumer Goods, NGX Oil & Gas, and NGX industrial Goods indices, which appreciated by 0.07 per cent, 2.34 per cent, 0.46 per cent,1.51 per cent, 0.32 per cent, 4.78 per cent, 2.03 per cent, 1.35 per cent, 0.29 per cent, and 0.06 per cent, while the NGX Growth Index closed flat.