A financial expert, Dr Uche Uwaleke, on Monday predicted that activities on the Nigerian Stock Exchange (NSE) would witness mixed performance due to post half year earnings season.
Uwaleke, Head of Banking and Finance Department, Nasarawa State University Keffi, stated this in an interview with our reporter in Lagos.
He said that the market this week would likely witness mixed performance as most companies’ half year results were already out.
Uwaleke said investors would embark on profit due to end of earnings season, noting that there was nothing that would propel market activity.
He said that portfolio managers would also embark on portfolio realignment following month-end activities to balance their books.
Uwaleke said that the National Bureau of Satistics (NBS) was expected to announce inflation figure for the month of July on Monday Aug 28.
He said that “this may not have any significant impact as not much change in inflation rate is anticipated”.
It was reported that a turnover of 1.54 billion shares worth N24.22 billion were exchanged by investors in 19,187 deals.
This was against a turnover 1.39 billion shares valued at N25.04 billion traded in 23,133 deals in the previous week.
The Financial Services Industry led the week’s activity chart with 1.21 billion shares worth N14.21 billion transacted in 10,692 deals.
The sector contributed 78.65 per cent and 58.68 per cent to the total equity turnover volume and value respectively.
The agriculture sector followed with 109.65 million shares worth N154.44 million in 321 deals.
The third place was occupied by Consumer Goods Industry with a turnover of 83.61 million shares valued at N6.25 billion achieved in 3,726 deals.
It was reported that the NSE All-Share Index lost 274.1 points or 0.74 per cent to close at 36,646.46 compared with 36,920.56 posted in the previous week.
The market capitalisation, which opened at N12.725 trillion, dipped N74 billion or 0.74 per cent to close at N12.631 trillion due to price loses.
Carverton led the gainers’ table for the week in percentage terms, gaining 16 per cent or 15k to close at N1.16 per share.
It was followed by Dangote Flour Mills with a gain of 10.33 per cent or 62k to close at N6.62 and UAC Property gained 9.09 per cent or 25k to close at N3 per share.
Conversely, II formerly Mobil Oil, topped the losers’ chart in percentage terms, dropping by 14.45 per cent or N32.51 to close at N192.55 per share.
Conoil trailed with a loss of 14.82 per cent or N4.82 to close at N29.07 and Unilever was down by 9.23 per cent or N4.20 to close at N41.30 per share.