Trading activities on the Nigerian Stock Exchange (NSE) for the week ended on Friday, June 17 closing on continued growth optimism with the benchmark indices of the All-Share Index and Market Capitalization appreciating by 7.40 per cent, to close the week at 29,247.27 points and N10.045 trillion apiece.
Analyst at Investment One, forecasted that the rebound witnessed in the stock market during the week emanated from the introduction of a flexible FX regime as a positive catalyst capable of providing support for market performance.
However, there is potential for profit-taking. “While macro situation may remain fragile in the immediate, we are positive over the medium to longer term given the recent traction we have seen in both monetary and fiscal policy of the government. As such, we advise investors with a medium to longer term horizon to gradually build position in the market”.
Further checks on the trading statistics showed that all other Indices finished higher during the week, with the exception of the ASeM Index, that declined by 0.17 per cent.
Forty-four equities appreciated in price during the week, higher than 27 equities of the previous week. Twenty-four equities depreciated in price, lower than 41 equities of the previous week, while 112 equities remained unchanged equal to that of the previous week.
A turnover of 2.158 billion shares worth N20.394 billion in 24,369 deals were traded this week in contrast to a total of 959.917 million shares valued at N7.871 billion that exchanged hands last week in 17,561 deals.
Top three traders in the week include: United Bank For Africa Plc (UBA), FBN Holdings Plc and Zenith International Bank Plc accounted for 1.001 billion shares worth N6.778 billion in 7,153 deals, contributing 46.37 per cent and 33.23 per cent to the total equity turnover volume and value respectively.
On sector-by-sector performance, the Financial Services Industry, when measured by volume, led the activity chart with 1.939 billion shares valued at N12.393 billion traded in 16,023 deals, which translated to 89.85 per cent and 60.77 per cent to the total equity turnover volume and value respectively.
The Consumer Goods Industry trailed with 77.415 million shares worth N4.747 billion in 3,489 deals.
The third place was occupied by the Conglomerates Industry with a turnover of 74.437 million shares worth N412.717 million in 1,018 deals.
A total of 4,170 units of Federal Government Bonds valued at N4.413 million were traded in 3 deals compared to a total of 4,725 units of Federal Government Bonds valued at N5.266 million transacted last week in 3 deals.
Also traded during the week were a total of 519,199 units of Exchange Traded Products (ETPs) valued at N6.582 million executed in 42 deals, compared with a total of 78,666 units valued at N866,656.30 transacted last week in 25 deals.
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