By Chukwuma Umeorah
After an underwhelming opening week, investor’ appetite for stocks grew as a total turnover of 1.286 billion shares worth N29.634 billion were traded in 19,816 deals at the close of stock market transactions last week.
This is in contrast to a total of 921.856 million shares valued at N27.154 billion that exchanged hands in the previous week in 15,601 deals. Due to the gains recorded in the shares of MTNN, Dangote Cement and BUA Cement, the market’s All Share Index (ASI) appreciated by 2.52 per cent to close the week at 52,512.48 points.
Consequently, the year-to-date (YTD) return increased to +2.5 per cent while market capitalization increased by N703 billion to close at N28.602 trillion from an opening value of N27.899 trillion.
Similarly, all other indices finished higher with the exception of NGX Insurance and NGX Growth indices which depreciated by 1.64 per cent and 4.40 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Meanwhile, the Financial Services Industry (measured by volume) led the activity chart with 952.237 million shares valued at N9.728 billion traded in 9,647 deals; thus contributing 74.07 per cent and 32.83 per cent to the total equity turnover volume and value respectively.
The Industrial Goods Industry followed with 92.864 million shares worth N8.510 billion in 1,682 deals while the Conglomerates Industry recorded a turnover of 54.568 million shares worth N96.654 million in 754 deals.
Trading in the top three equities namely FBN Holdings Plc, Sterling Bank Plc, and Guaranty Trust Holding Company Plc (measured by volume) accounted for 507.852 million shares worth N5.707 billion in 2,585 deals, contributing 39.50 per cent and 19.26 per cent to the total equity turnover volume and value respectively.