Nigeria’s stock market extended its weekly bullish run by +0.35 percent as investors continued to cherry pick attractive counters amid low trading turnover.
Equity investors booked about N45billion gain at the close of trading week ended Friday August 28, thanks to insurance and consumer goods stocks which saw increased bargain despite profit taking in banking counters.
The stock market’s negative return year-to-date (YtD) decreased to -5.71percent, while its month-to-date (MtD) return increased by -2.49 percent.
Week-on-week (WoW), the Nigerian Stock Exchange (NSE) All-Share Index and Market Capitalisation increased from 25,221.87 points and N13.158 trillion to 25,309.37 points and
Twenty-nine (29) equities appreciated in price during the review week, lower than 31 equities in the preceding week. Thirty-six (36) equities depreciated in price, higher than 27 equities in the preceding week, while 98 equities remained unchanged, lower than 105 equities recorded in the preceding trading week.
The market recorded total turnover of 1.072 billion shares worth N7.384 billion traded in 16,684 deals by investors on the floor of the Exchange, in contrast to a total of 950.414 million shares valued at N10.123 billion that exchanged hands preceding week in 16,647 deals.
The Financial Services industry (measured by volume) led the activity chart with 586.761 million shares valued at N4.022 billion traded in 8,483 deals; thus contributing 54.76percent and 54.47percent to the total equity turnover volume and value respectively. The Conglomerates industry followed with 307.744 million shares worth N799.159 million in 1,010 deals; and the Consumer Goods industry, with a turnover of 50.170 million shares worth N968.272 million in 3,018 deals.
Trading in the top three equities namely Transnational Corporation of Nigeria Plc, UACN Plc and United Bank for Africa Plc. (measured by volume) accounted for 396.337 million shares worth N1.373 billion in 1,845 deals, contributing 36.99percent and 18.59percent to the total equity turnover volume and value respectively.