Investors swoop on shares as market turnover hits 2bn

Chinwendu Obienyi

A total turnover of 2.051 billion shares worth N16.126 billion in 13,508 deals were traded last week by investors on the floor of the Nigerian Stock Exchange (NSE)  in contrast to a total of 896.610 million shares valued at N16.561 billion that exchanged hands the preceding week in 12,638 deals.

This comes despite the weak sentiment of investors with the stock market experiencing the worst bearish run since May 5, 2017.

Amidst mixed earnings performances and continued risk-off sentiments. the All Share Index (ASI) dipped by 0.4 per cent w/w to 26,348.73 points with the Month-to-Date (MTD) and Year-to-Date (YTD) losses increasing to -4.6 and -16.2 per cent, respectively.

Also, a total value of N49 billion was shaved off the market capitalisation which closed the week at N12.826 trillion as against N12.875 trillion in the previous week.

Similarly, all other indices finished lower with the exception of NSE Insurance, NSE Meri Value, NSE Consumer Goods and NSE Lotus II Indices which appreciated by 2.37 per cent, 0.17 per cent, 0.12 per cent and 0.46 per cent respectively while the NSE ASeM index closed flat

The Financial Services industry (measured by volume) led the activity chart with 1.784 billion shares valued at N12.588 billion traded in 8,469 deals; thus contributing 87.00 and 78.06 per cent to the total equity turnover volume and value respectively.

The Conglomerates followed with 98.429 million shares worth N120.779 million in 444 deals while the Construction/Real Estate industry recorded a turnover of 57.873 million shares worth N66.019 million in 90 deals.

Trading in the top three equities namely, Omoluabi Mortgage Bank Plc, Zenith Bank Plc and Transnational Corporation of Nigeria Plc. (measured by volume) accounted for 1.388 billion shares worth N9.067 billion in 2,221 deals, contributing 67.69 and 56.22 per cent to the total equity turnover volume and value respectively

Nineteen equities appreciated in price during the week, lower than 20 in the previous week. Twenty-three equities depreciated in price, lower than 33 equities in the previous week, while 124 equities remained unchanged, higher than 113 equities recorded in the preceding week.