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Banking Stocks Buoy Weekly Equity Turnover by 84.63%

By Modupe Gbadeyanka

A total turnover of 1.2 billion shares worth N12.3 billion in 18,293 deals were traded last week by  investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 1.1 billion shares valued at N13.5 billion that exchanged hands the previous week in 15,036 deals.

A breakdown of the trades showed that financial stocks led the activity chart by volume with one billion shares valued at N9.7 billion traded in 12,165 deals, contributing 84.63 percent and 78.98 percent to the total equity turnover volume and value respectively.

It was trailed by consumer goods equities with 58.1 million shares worth N1.4 billion in 2,689 deals, while conglomerates shares recorded a turnover of 46.3 million stocks worth N103.3 million in 626 deals.

Trading in Access Bank, Zenith Bank and UBA measured by volume accounted for 651.6 million shares worth N6.3 billion in 6,505 deals, contributing 54.39 percent and 51.28 percent to the total equity turnover volume and value respectively.

During the week, 32 equities appreciated in price, higher than 18 in the previous week, while 38 equities depreciated in price, lower than 45 counters of the previous week, with 98 stocks remaining unchanged lower than 105 equities recorded in the preceding week.

The market indices revealed that the NSE All-Share Index and market capitalisation depreciated during the week marginally by 0.01 percent to close the week at 31,139.35 points and N11.612 trillion respectively.

Similarly, all other indices finished lower with the exception of the NSE CG, NSE Premium, NSE ASeM, NSE Banking, NSE-AFR Bank Value, NSE AFR Div Yield, NSE Industrial Goods and NSE Pension indices which appreciated by 0.66 percent, 0.27 percent, 0.55 percent, 3.82 percent, 4.76 percent, 2.97 percent, 2.42 percent and 0.71 percent respectively.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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