Connect with us
financial stocks financial stocks


Financial Stocks Drive Trading Volume by 59.15%



By Modupe Gbadeyanka

Stocks in the financial services industry led the activity chart of the Nigerian Stock Exchange (NSE) last week with 249.6 million shares valued at N1.6 billion traded in 5,899 deals.

In the week, the sector contributed 59.15 per cent and 29.29 per cent to the total equity turnover volume and value respectively.

It was observed that equities in the consumer goods space followed with 51.8 million shares worth N1.1 billion in 1,877 deals, while shares in the industrial goods counter recorded a turnover of 46.2 million units valued at N833.5 million transacted in 1,489 deals.

In the three-day trading week, only 422.0 million shares worth N5.3 billion exchanged hands in 11,801 deals compared with the previous week’s 1.4 billion shares valued at N14.4 billion traded in 16,723 deals.

Business Post reports that the local bourse only operated for three days; from Monday to Wednesday because of the public holiday declared for Thursday and Friday by the federal government to mark the Eid-El-Kabir celebrations.

At the close of transactions for the week, Lafarge Africa, FBN Holdings and Mutual Benefits Assurance were the most active stocks, accounting for 110.1 million shares worth N685.9 million in 1,587 deals, contributing 26.09 per cent and 12.85 per cent to the total equity turnover volume and value respectively.

A total of 24 equities appreciated in price during the week, lower than 28 equities in the previous week, while 28 equities depreciated in price, higher than 25 equities in the preceding week, with 111 equities closing flat, higher than 110 equities recorded a week earlier.

Unity Bank was the best performing stock, gaining 17.31 per cent in the week to close at 61 per share, while Mutual Benefits Assurance gained 15.00 per cent to close at 23 kobo per share.

Cornerstone appreciated by 10.00 per cent to 55 kobo per share, Prestige Assurance grew by 8.70 per cent to finish at 50 kobo per share, while Lafarge Africa gained 7.31 per cent to close at N11.75 per share.

The worst performing stock for the week was Smart Products Nigeria, which fell by 31.03 per cent to close at 20 kobo per share.

NPF Microfinance Bank depreciated by 16.90 per cent to N1.18 per share, Julius Berger fell by 12.02 per cent to N15.00 per share, Seplat declined by 10.71 per cent to close at N310.20 per share, while Axa Mansard Insurance depreciated by 10.00 per cent to settle at N1.44 per share.

According to data from the exchange, the All-Share Index and market capitalisation both appreciated in the week by 1.09 per cent to close at 24,693.73points and N12.882 trillion respectively.

All other indices finished higher with the exception of NSE ASeM, consumer goods and oil/gas indices which depreciated by 0.06 per cent, 0.44 per cent and 6.51 per cent 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.

Click to comment

Leave a Reply

The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.

Like Our Facebook Page

Latest News on Business Post


%d bloggers like this: