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A spate of intermittent profit-taking on the Nigerian bourse deepened this week as investors pushed to cash out on their investments in a couple of stocks that delivered some of the greatest returns last year.
Equities within this range, including Sunu Assurances, FTN Cocoa Processors and Japaul Gold, appreciated by as much 400 per cent, 265 per cent and 185 per cent respectively in 2020 alone, and the selling pressure on them this week was weighty on the entire exchange, making them rank among the 10 worst performing stocks.
As the week ahead draws near, investors and brokers are approaching activities with uncertainty, with the possibility of an upward review of the benchmark interest rate by the central bank’s monetary policy committee to fight inflation. The MPC meets on Monday and Tuesday.
Upping rates often discourage investing in equities while lowering them usually bolster it.
Key market performance indicators recorded a decline this week. Although the market reported 53 gainers emerged as against 29 losers, the All-Share Index and market capitalisation individually dipped by 0.42 per cent and 0.38 per cent respectively. While the former closed at 41,001.99 index points, the latter did at N21.449 trillion.
Trade volume of 4.288 billion shares worth N25.989 billion was recorded in 32,849 deals relative to the 3.447 billion shares valued at N32.725 billion posted in 30,327 deals last week.
On the activity chart, the Financial Services sector led trade with 2.607 billion shares estimated at N12.454 billion traded in 15,128 deals. Specifically, it added 60.81 per cent and 47.92 per cent to the total equity volume and value respectively.
The Conglomerates industry came next, trading 813.813 million shares worth N1.561 billion in 2,417 deals. The Oil and Gas sector was third, trading 212.126 million shares priced at N821.978 million in 2,726 deals.
As regards index movement, all indices declined save for NSE MERI Growth, which jumped by 0.122 per cent. The NSE ASeM Index and NSE Growth Indices did not budge.
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