Heavy transactions in the shares of United Bank for Africa , Guaranty Trust Holding Company Plc and Access Holdings Plc lifted the volume of shares traded last week, as a turnover of 917.2 million shares worth N14.8 billion was recorded in 19, 513 deals by investors.
On the sectoral activity chart, the financial services industry led the chart with 648.2 million shares valued at N6.3 billion traded in 9293 deals. Similarly, all other indices finished lower, except the NGX Insurance, NGX MERI Growth, NGX Oil/Gas, NGX Growth and NGX Sovereign Bond Indices, which appreciated at 1.81 per cent, 1.01 per cent, 3.80 per cent, 0.41 per cent and 0.15 per cent, while, the NGX ASeM index closed flat.
“Notwithstanding, we envisage intense selling pressures on stocks of companies that grossly underperform in H1, 22. Overall, we reiterate the need: for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”