Financial stocks contribute 64.38% to market turnover

[files] Nigerian Stock Exchange (NSE). Photo: THEAFRICAREPORT

By Helen Oji

 ….As index rises by 0.72% despite festive breaks
The financial services industry dominated in terms of volume at the end of last week’s transactions on the floor of the Nigerian Exchange Limited (NGX).

It led the activity chart with 541.015 million shares valued at N5.493 billion, trading in 7,824 deals, thus contributing 64.38 per cent to the total equity turnover.

The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the conglomerate industry ranked third with a turnover of 84.792 million shares worth N512.775 million in 551 deals.

Trading in the top three equities: Access Bank Plc, Zenith Bank Plc and Etranzact International Plc accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent to the total equity turnover volume.

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Besides, the NGX all-share index (ASI) and market capitalisation appreciated by 0.72 per cent to close the week at 39,481.89 and N20.579 trillion, despite the two-day holiday declared to commemorate the Eid al-Fitr.

Similarly, all other indices finished higher with the exception of NSE Sovereign Bond Index which depreciated by 10.69 per cent, while the NSE ASeM and NSE Growth Indices closed flat.

Consequently, a total turnover of 840.334 million shares worth N9.561 billion was recorded in 13,239 deals by investors on the floor of the Exchange, in contrast to a total of 1.419 billion shares valued at N15.918 billion that changed hands in 18,459 deals in the preceding week.

A review of market performance last week showed that following gains recorded by most blue-chip stocks, the NGX reopened in an upbeat on Monday, as market capitalisation gained N60 billion.

The ASI increased by 113.99 absolute points, representing a growth of 0.29 per cent to close at 39,312.74 points while the overall market capitalisation rose by N60 billion to close at N20.491 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.

Trading activities on the NGX extended bullish run to two consecutive trading sessions on Tuesday, as investors’ wealth appreciated further by N36 billion.

The improved performance was spurred by investors’ sustained appetite in the shares of Dangote Cement and 20 others.

The ASI increased by 70.22 absolute points, representing a growth of 0.18 per cent to close at 39,382.96 points while market capitalisation value gained N36 billion to close at N20.527 trillion.