Earnings, macro trends to shape stock trading
Market sentiment is expected to remain mixed as investors weigh selective bargain-hunting in fundamentally solid equities against routine profit-taking. JIDE AJIA reports
Trading volume and market direction over the coming sessions will depend heavily on upcoming corporate earnings reports, broader macroeconomic indicators and central bank policy signals. While volatility may linger in the short term, market analysts note that clear corporate execution and stable macroeconomic trends could quickly restore buying momentum.
“Looking ahead, we expect market sentiment to remain mixed as investors continue to balance profit-taking with selective bargain hunting in fundamentally sound stocks. Trading activity is also expected to be influenced by corporate earnings releases, macroeconomic developments and expectations surrounding domestic monetary policy,” analysts at Coronation Asset Management said in a weekly note.
With major earnings updates on the horizon and economic data releases pending, traders are advised to focus on core fundamentals and keep a close eye on interest rate expectations.
“Investors are navigating a classic tug-of-war right now,” said market analyst Jaye Francis.
“On one side, people want to lock in gains after recent runs, but on the other, solid balance sheets present real buying opportunities. The upcoming earnings reports and monetary policy signals will be the true catalyst for where capital flows next,” he added.
Turnover hits N247bn
Meanwhile, investors on the Nigerian Exchange Limited traded a total turnover of 2.507 billion shares worth N122.653bn in 173,561 deals during the five-day trading week ended 28 August 2026.
The total value transacted across all asset classes, including Equities, Bonds and Exchange Traded Products, reached over N247.6bn. Trading activity was heavily concentrated in the Premium and Main Board segments, driven largely by sustained investor interest in Financial Services and Oil & Gas stocks.
A breakdown of market segments shows that the Premium Board accounted for the largest share of market turnover by value, recording 660.969 million shares valued at N71.156bn across 61,943 deals. The Main Board recorded the highest overall transaction volume, trading 1.542 billion shares worth N48.676bn in 97,831 deals. Meanwhile, the Non-Interest Board recorded 259.923 million shares valued at N1.973bn across 6,339 deals, driven entirely by trading activity in Jaiz Bank Plc.
The Growth Board recorded 38.557 million shares worth N739.567m in 6,025 deals, while the REITCEF Board recorded 5.883 million units valued at N107.490m across 1,423 deals.
In terms of equity performance by value, First Holdco Plc led the market, recording N24.185bn across 189.670 million shares. Zenith Bank Plc followed closely with N17.958bn traded in 151.432 million shares, while Aradel Holdings Plc recorded N11.445bn across 8.345 million shares.
Guaranty Trust Holding Company Plc posted N11.255bn in value across 87.869 million shares, MTN Nigeria Communications Plc traded N7.395bn in value across 9.778 million shares, United Bank for Africa Plc recorded N6.342bn across 142.897 million shares, Seplat Energy Plc posted N6.336bn across 519,215 shares, and Transcorp Hotels Plc recorded N6.020bn across 22.718 million shares.
ETPs, bonds lag
Trading in the Exchange Traded Products segment saw a total of 1.792 million units valued at N418.519m traded across 4,785 deals. The segment was led by Stanbic IBTC ETF 30 with N201.191m, the SIAMLPension ETF 40 with N76.480m, and NewGold Exchange Traded Fund with N29.372m.
In the Debt market, total bond trading reached N171.540m across 46 deals and 164,122 units. Non-Interest Bonds accounted for the bulk of transactions at N142.252m, which included N83.472m in TAJ Sukuk Series 1 & 2 and N58.780m in Federal Government Sukuk bonds, while conventional Debt Board Federal Bonds recorded N29.288m.
Broker dominance
Stockbroking firm performance revealed that the top 10 firms accounted for 51.81 per cent of total market volume and 60.34 per cent of total transaction value during the week. CardinalStone Securities Limited topped the broker value chart, executing transactions worth N39.068bn, or 15.78 per cent of total market value.
First Securities Brokers Limited ranked second with N31.067bn, representing 12.55 per cent, while United Capital Securities Limited ranked third with N15.904bn, or 6.42 per cent. Cordros Securities Limited with N15.382bn, or 6.21 per cent, and Cowry Securities Limited with N13.158bn, or 5.31 per cent, rounded out the top five by value.
CardinalStone Securities Limited also led the market by volume, handling 679.576 million shares, representing 13.54 per cent of total market volume. PAC Securities Limited followed with 346.304 million shares, or 6.90 per cent, and Kedari Capital Limited ranked third with 335.389 million shares, representing 6.68 per cent.
First Securities Brokers Limited with 207.607 million shares, or 4.14 per cent, and Meristem Stockbrokers Limited with 205.113 million shares, or 4.09 per cent, completed the top five stockbroking firms by volume.
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