Demand for FBN Holdings, GTBank, Access Bank Shares Surges

September 21, 2020
FBN Holdings

By Dipo Olowookere

The demand for the stocks of FBN Holdings, GTBank and Access Bank rose last week on the floor of the Nigerian Stock Exchange (NSE).

Business Post that the surge in the shares of FBN Holdings was mainly because of its present value, while for GTBank and Access Bank was due to the interim dividend recommended by the board for the 2020 half-year.

Last week, investors traded 353.1 million equities of these three lenders worth N4.0 billion in 3,095deals, contributing 31.00 per cent and 31.66 per cent to the total equity turnover volume and value respectively.

According to data from the NSE, a total of 1.1 billion shares worth N12.7 billion were transacted last week in 17,109 deals as against the 1.2 billion shares valued at N10.8 billion traded a week earlier in 19,529 deals.

Further analysis showed that financial stocks dominated the activity chart with 870.3 million units worth N7.9 billion traded in 9,427 deals, contributing 76.43 per cent and 61.95 per cent to the total equity turnover volume and value respectively.

Shares in the industrial goods sector followed with 62.7 million units worth N1.2 billion transacted in 1,557 deals, while equities in the ICT industry traded 50.9 million units valued at N2.6 billion in 619 deals.

On the price movement chart, 32 stocks appreciated in price during the week, higher than 23 equities in the previous week, while 31 equities depreciated in price, lower than 38 equities in the previous week, with 100 equities closing flat, lower than 102 equities of the preceding week.

At the close of business last Friday, the All-Share Index (ASI) recorded a week-on-week decline of 0.08 per cent to 25,572.57 points, while the market capitalisation had a week-on-week rise of 0.10 per cent to N13.365 trillion.

All other indices finished lower with the exception of NSE the main board, NSE Pension, NSE insurance, NSE Meri Growth, consumer goods, Lotus II and industrial goods indices, which appreciated by 0.13 per cent, 0.06 per cent, 0.01 per cent, 0.17 per cent, 0.13 per cent, 0.19 per cent and 0.50 per cent respectively while the ASeM index closed flat.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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