Financial stocks dominate deals on Nigerian exchange

. Zenith Bank, GTB, Fidelity account for 22.12% of turnover
. Market records second consecutive weekly loss

By Helen Oji

 The financial services industry (measured by volume) dominated the activity chart of the Nigerian Exchange Limited (NGX), last week, with 687.623 million shares valued at N5.659 billion recorded in 9,506 deals.

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This volume of shares traded in the financial sector contributed 66.29 per cent to the total turnover while the conglomerate industry followed with 106.138 million shares worth N545.020 million in 1,146 deals.

The third place was the Information Communication Technology industry, with a turnover of 84.310 million shares worth N350.698 million in 604 deals.

Consequently, a total turnover of 1.037 billion shares worth N9.471billion was exchanged in 17,577 deals by investors on the floor of the exchange in contrast to a total of 1048 billion shares valued at N11.543 million that changed hands in 17,233 deals during the preceding week.

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Trading in the top three equities namely Zenith Bank Plc, Guaranty Trust Bank Plc and Fidelity Bank Plc (measured by volume) accounted for 229.453 million shares worth N4.281 billion in 3,634 deals, contributing 22.12 per cent to the total equity turnover volume.

Also, traded during the week were a total of 1,415 units of Exchange Traded Products (ETPs) valued at N1.478 million executed in 30 deals 11 deals compared with a total of 5,646 units valued at N623,224 that was transacted in 14 deals during the preceding week.

A total of 46,252 units of Federal Government bonds valued at N48.472 million were traded last week in 44 deals compared with a total of 80,998 units valued at N81.944 million transacted during the preceding week in 22 deals.

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The NGX suffered the second consecutive weekly loss with the local bourse recording losses in four of the week’s trading sessions amid sustained selloff and price depreciation in most highly capitalised stocks

The development dragged the All-Share Index (ASI) and market capitalisation by 0.18 per cent to close the week at 38,256.95 and N19.94 trillion respectively.

Similarly, all other indices finished lower except NSE Premium, NSE Pension, NSE Insurance and NSE Oil/Gas, which appreciated by 0.96 per cent, 0.16 per cent, 1.01 per cent and 0.85 per cent respectively, while the NSE ASeM Index closed flat.