By Chinwendu Obienyi

Bearish sentiments dominated transactions on the floor of the Nigerian Exchange Limited (NGX) last week, as the market recorded losses on four of the five trading sessions following profit-taking activities.

This resulted in the All-Share index (ASI) declining by 0.12 per cent week-on-week (w/w) to close the week at 43,199.27 points, with the Month-to-Date (MTD) and Year-to-Date (YTD) return settling at +2.8 per cent and +7.3 per cent, respectively. Notably, profit-taking in the shares of Total (-9.9 per cent), GTCO (-7.5 per cent), FBNH (-3.7 per cent) and Nigerian Breweries (-2.8 per cent) drove the weekly loss.

Furthermore, market capitalisation dropped to N22.554 trillion from N22.572 trillion recorded in the previous trading session as investors lost N18 billion. A total turnover of 1.392 billion shares worth N27.886 billion in 19,990 deals were traded by investors, in contrast to a total of 1.471 billion shares valued at N20.941 billion that exchanged hands in the previous trading week in 20,410 deals.

Commenting on the performance of the market, analysts at Cordros stated that they expect a mixed market performance as the bulls and bears are likely to be in a gridlock due to the opposing forces of bargain-hunting activities in stocks with attractive dividend yields ahead of 2021 full year dividend declarations and intermittent profit taking activities.

For their part, analysts at Afrinvest said,” In the coming week, we expect a poor performance as weak sentiment lingers.

The Financial Services Industry (measured by volume) led the activity chart with 1.082 billion shares valued at N11.579 billion traded in 11,612 deals; thus contributing 77.72 per cent and 41.52 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 105.796 million shares worth N11.831 billion in 2,657 deals while the Conglomerates Industry recorded a turnover of 56.136 million shares worth N73.687 million in 575 deals.

The post Investors’ wealth drops by N18bn as bears dominate stock market appeared first on The Sun Nigeria.

Source: news