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By Chinwendu Obienyi
Bargain hunting in banking stocks was the overarching theme during last week as investors flocked into banking stocks ahead of 2021 first quarter corporate earnings releases.
As a result, the All-Share Index advanced by 1.27 per cent week (w/w) to close at 39,301.82 points, market capitalisation grew by N248 billion to close at N20.568 trillion while the year-to-date (ytd) loss moderated to -2.4 per cent.
Notably, bargain hunting in large-cap stocks; WAPCO, Stanbic, UBA, GT Bank, and Zenith Bank drove the weekly gain. Sectoral performance was broadly positive as all sectors recorded gains. The Banking (+4.8 per cent) index led the gainers’ chart followed by Consumer Goods (+1.0 per cent), Industrial Goods (+0.5 per cent), Insurance (+0.4 per cent) and, Oil and Gas (+0.3 per cent) indices.
Activity levels were stronger than the prior week, as trading volumes and value rose significantly by 26.2 w/w and 290.6 per cent w/w, respectively. A total turnover of 1.602 billion shares worth N42.142 billion in 19,507 deals were traded tlast week by investors on the floor of the exchange, in contrast to a total of 1.263 billion shares valued at N10.759 billion that exchanged hands prior week in 19,975 deals.
Meanwhile, the Financial Services Industry (measured by volume) led the activity chart with 1.029 billion shares valued at N9.188 billion traded in 11,095 deals; thus contributing 64.22 and 21.80 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 215.482 million shares worth N29.855 billion in 566 deals while the Conglomerates Industry recorded a turnover of 118.458 million shares worth N675.954 million in 1,088 deals.
Trading in the top three equities namely Fidelity Bank Plc, MTN Nigeria Communications Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 580.760 million shares worth N34.392 billion in 3,197 deals, contributing 36.25 and 81.61 per cent to the total equity turnover volume and value respectively.
