By Dipo Olowookere
Bargain hunting on the floor of the Nigerian Stock Exchange (NSE) resulted in the 3.94 percent growth recorded last week, Business Post is reporting.
Investors and speculators pounced on high value stocks trading at cheap prices at the market, adding them to their portfolios to sell at higher prices later.
At the end of the week, a total of 38 equities appreciated in price, higher than 22 stocks in the previous week, while 29 stocks depreciated in price, lower than 44 of the previous week, and 102 counters remained unchanged lower than 103 of the earlier week.
NEM Insurance was the biggest price gainer, going up by 43.35 percent to close at N2.48k per share.
On the other hand, it was a bad week for Resort Savings & Loans Plc, emerging as the heaviest loser after falling by 29.73 percent to finish at 37 kobo per unit.
While the All-Share Index (ASI) increased by 1174.47 points to close at 31,005.17 points, the market capitalisation appreciated N43 billion to settle at N11.562 trillion.
During the week, all other indices finished higher with the exception of the NSE Banking Index, which went down by 1.04 percent, while the NSE ASeM index closed flat.
The NSE Industrial Goods Index was the biggest gainer, appreciating by 12.71 percent to close at 1,194.35 points.
A total turnover of 1.3 billion shares worth N13.5 billion in 16,476 deals were recorded in the week in contrast to a total of 1.3 billion equities valued at N14.1 billion transacted in the previous week in 19,278 deals.
The Financial Services sector, measured by volume, led the activity chart with 1.1 billion shares valued at N10.6 billion exchanged in 10,352 deals, contributing 89.06 percent and 78.54 percent to the total equity turnover volume and value respectively.
The Consumer Goods industry followed with 37.7 million shares worth N1.6 billion in 2,054 deals, while the third place was Conglomerates sector with a turnover of 37.7 million shares worth N102.9 million in 566 deals.
Trading in the top three equities; Diamond Bank, Guaranty Trust Bank (GTBank) and Zenith Bank, measured by volume, accounted for 697 million shares worth N8.5 billion in 3,753 deals, contributing 54.86 percent and 63.20 percent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 55 units of Exchange Traded Products (ETPs) valued at N5,610.00 executed in 2 deals compared with a total of 15,288 units valued at N236,445.40 that were transacted a week earlier in 4deals. In addition, a total of 3,573 units of Federal Government Bonds valued at N3.764 million were traded in the week in 24 deals compared with a total of 17,996 units valued at N18.426 million transacted the previous week in 10 deals.
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