The Nigerian Exchange (NGX) recorded negative performance as investors took profit during a five long trading session amidst the headline inflation jump.
The market performance came mixed with seesaw movements in the prices of growth stocks.
Key performance indicators slumped, year to date moderated amidst weak sentiment spurred by uncertainties in the market including rising inflation which analysts project could trigger yield repricing in the fixed income space.
Year-to-date return tapered to 1.8% in the local bourse from 1.9% reported in the previous week. Market data shows that the All-share index fell 0.1% to close at 52,187.93 points over the week.
Consequently, market capitalisation was reduced by ₦14.6 billion to ₦28.4 trillion. Stockbrokers reported that activity level decelerated as average volume and value traded declined 22.2% and 12.1% in the week to 560.6 million units and ₦6.4 billion, respectively.
The most traded stocks by volume were TRANSCORP (366.8m units), ACCESSCORP (365.0m units), and FIDELITY (265.2m units), while GTCO (₦4.1bn), ACCESSCORP (₦3.7bn), and ZENITH (₦3.4bn) led by value.
In its market note, Afrinvest said performance across its coverage universe was mixed as 3 indices gained while the other 3 lost.
Leading the gainers to pack, the Insurance index rose 5.2% week on week due to buying interest in CORNERST (+23.1%) and MANSARD (+17.1%).
Trailing, the Banking and Consumer Goods indices appreciated 2.9% and 1.9% respectively as a result of price uptick in ACCESSCORP (+3.0%), UBA (+1.2%), PZ (+28.0%), and NB (+18.4%).
On the other hand, the AFR-ICT, Oil & Gas, and Industrial Goods indices lost 3.0%, 1.7%, and 3bps week on week respectively due to selling pressure on AIRTELAF (-6.0%), ARDOVA (-23.7%), and WAPCO (-0.8%).
Measured by market breadth, stockbrokers said investors’ sentiment was unchanged at 0.2x, as 42 stocks gained, 27 lost while 82 closed flat.
FTNCOCOA (+37.5%), IKEJAHOT (+30.1%), and PZ (+28.0%) led the gainers while CWG (-25.6%), ARDOVA (-23.7%), and MAYBAKER (-10.1%) led the decliners.
Afrinvest anticipates mild gains on the local bourse as investor hunt for bargains in relatively cheap and fundamentally sound stocks.
