Stock market indices dip by 0.06% in four trading days
Similarly, all other indices finished lower last week, with the exception of NSE Premium, NSE Banking, NSE Industrial goods, and NSE Pension indices that appreciated by 0.12 per cent, 1.56 per cent, 1.06 per cent and 0.21 per cent respectively, while the NSE ASeM closed flat.
Further breakdown of last week’s transactions showed that 37 stocks appreciated in price, higher than 33 recorded in the previous week.
On the other hand, 32 stocks depreciated in price, lower than 41, a week earlier.
A total turnover of 1.331billion shares worth N20.835billion was recorded in 18,695 deals by investors on the floor of the Exchange, lower than a total of 1.825 billion shares valued at N24.653billion that was exchanged in 23,148 deals during the week ended April 24.
The drop in indices may, however be attributed to the one-day holiday declared by the Federal Government on Tuesday May 1, to commemorate the Workers Day celebration.
The financial services Industry (measured by volume) led the activity chart with 1.042 billion shares valued at N11.275billion traded in 9,665 deals; thus contributing 78.32 per cent to the total equity turnover volume.
The consumer goods industry followed with 84.124 million shares worth N4.322 billion in 3,691 deals.
The third place was occupied by oil and gas industry with a turnover of 51.918 million shares worth N596.463million in 2,307 deals.
Trading in top three stocks namely, United Bank for Africa Plc, Mutual Benefits Assurance Plc, and Access Bank Plc (measured by volume) accounted for 457.930 million shares worth N3.784billion in 1,469 deals, contributing 34.41 per cent to the total equity turnover volume.
Meanwhile, an analyst has predicted continuous volatility and profit taking, as investors’ react to the Q1 earning report of listed firms.
Specifically, the Chief Executive Officer, Investdata Consulting Limited, Ambrose Omodion, said: “We expect the volatility and profit taking to continue even as investors react to earnings reports, and reshuffle their portfolios amidst interpretation of emerging earnings reports ahead of Q1 GDP, and April inflation figure.
“These are likely to confirm the positive impact of monetary stimulus and extraneous factors like upswing in oil price, among other global events now closely under watch.”
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