Equity investors embarked on profit-taking last week of stocks that gained the previous week, which pushed the market lower by 2.48 per cent.
The market opened for four trading days last week as the Federal Government declared Tuesday October 1, 2019 a public holiday to mark the nation’s 59th independence anniversary.
Meanwhile, a total turnover of 660.654 million shares worth N9.189bn in 12,032 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.097 billion shares valued at N16.693bn that exchanged hands the previous week in 14,717 deals.
The financial services industry (measured by volume) led the activity chart with 458.190 million shares valued at N5.905bn traded in 6,720 deals, thus contributing 69.35 per cent and 64.27 per cent to the total equity turnover volume and value, respectively.
The conglomerates industry followed with 55.804 million shares worth N124.513m in 545 deals.
The third place was occupied by the construction/real estate industry with a turnover of 54.330 million shares worth N62.585m in 135 deals.
Trading in the top three equities namely, Guaranty Trust Bank Plc, Access Bank Plc and FBN Holdings Plc, accounted for 280.714 million shares worth N4.909bn in 2,985 deals, contributing 42.49 per cent and 53.43 per cent to the total equity turnover volume and value, respectively.
A total of 15 equities appreciated in price last week while 39 losers emerged, compared with the 22 gainers and 42 losers recorded during the previous week.
Analysts at Vetiva Capital Management Limited said with most bellwether stocks dipping last week and subsequently trading at their lows, discerning investors were expected to begin position taking in fundamentally sound stocks this week.
In the bonds market, a total of 4,250 units of the Federal Government bonds valued at N4.305m were traded last week in six deals, compared with a total of 36,581 units valued at N37.504m transacted the previous week in 16 deals.