This volume of shares traded was, however lower than a total of 3.435 billion Units Valued at N30.9 billion that was exchanged in 21,109 deals during the preceding week.

A breakdown of transactions last week showed that the financial services industry (measured by volume) led the activity chart with 984.543 million shares valued at N10.2 billion and exchanged in 11,029 deals, thus contributing 77.01 per cent to the total equity turnover volume.

The consumer goods industry followed with 78.724 million shares worth N2.3 billion in 3,137 deals. The third place was the conglomerate industry, with a turnover of 48.730 million shares worth N69.8 million in 647 deals.

Trading in the top three Equities namely FBN Holdings Plc, Guaranty Trust Holding Company Plc and Access Bank Plc (measured by volume) accounted for 470.731 million shares worth N6.6 billion in 3,887 deals, contributing 36.8 per cent to the total equity turnover.

A total of 13,481 units of Exchange Traded Products (ETP) units valued at N714, 329.9 were traded this week in deals compared with a total of 147 units valued at N15, 766.78 transacted last week in 7 deals.

Also, a total of 3,344 units valued at N3.6 million were traded this week in seven deals compared with a total of 31,275 units valued at N33.596 million transacted last week in 21 deals.

Consequently, the NGX All-share index and market capitalisation depreciated by 2.63.per cent to close the week at 42,167.91 and N22.003 trillion respectively.

Similarly, all other indices finished lower except NGX Insurance index which appreciated by 2.97 per cent , while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Analysts predict a gloomy outlook, citing weak macroeconomy which had continued to pose a significant challenge to corporate performance.

Analysts at Codros capital said: “We expect bearish sentiments to remain predominant next week without any positive triggers to turn the tide for Nigerian equities.

“Nonetheless, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”

Afrinvest said: “This week, the market was lifted by block trades in names likes FBNH and SEPLAT, while being dragged by sell pressure seen in some Tier-I banking names. We expect the latter to persist into next week amid persistent negative market sentiment.”

Further breakdown of last week’s transactions showed that 18 equities appreciated during the week, lower than 29 equities recorded in the previous 49 equities depreciated, higher than 36 equities in the previous week, while eighty-nine 89 equities remained unchanged lower than 91 equities recorded in the previous week.