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GTH, Wema Bank, Zenith lead gainers as financial stocks contribute 70.7% to turnover

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Nigerian Stock Exchange

The financial service industry dominated the volume of transactions on the Nigerian Exchange Limited (NGX), last week, leading the activity chart with 721.728 million shares valued at N5.995 billion traded in 8,709 deals, thus contributing 70.7% to total turnover volume.

The consumer goods industry followed with 99.083 million shares worth N2.395 billion in 3,703 deals.

The ICT industry ranked third with a turnover of 72.718 million shares worth N3.407 million in 643 deals.

Trading in the top three equities – Guaranty Trust Holding Company Plc (GTH), Wema Bank Plc and Zenith Bank Plc –accounted for 213.871 million shares worth N3.818 billion in 3,023 deals, contributing 20.95 per cent to the total equity turnover.

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A turnover of 1.021 billion shares worth N14.145 billion was recorded in 17,565 deals by investors on the floor of the exchange, in contrast to a total of 1.006 billion units valued at N10.330 billion that changed hands in 17,165 deals during the preceding week.

Consequently, the NGX all-share index (ASI) and market capitalisation appreciated by 1.47 per cent and 1.49 per cent to close the week at 38,212.01 and N19.919 trillion respectively.

Similarly, all other indices finished higher except NGX Oil/Gas and NGX Growth indices which depreciated by 1.05 per cent and 0.17 per cent respectively, while the NGX ASeM, NGX-AFR Bank Value Index and NGX Sovereign Bond Indices closed flat.

A total of 13,050 units of Exchange Traded Products (ETPs) valued at N930,262.3 were traded last week in 17 deals compared with a total of 101,876 units valued at N1.732 million that was recorded in 19 deals during the preceding week.

Also, a total of 61,298 units of bonds valued at N61.267 million were traded last week in 26 deals compared with a total of 216,675 units valued at N215.72 million transacted last week in 44 deals.

In its market forecast for the month of July, the Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion said: “We note that some stocks are trading within their buy ranges to become more attractive at this point for income investors and traders, even as the market anticipates positive news, while oil price continues to oscillate above $73pb to support global economic and stock market recovery across climates.

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“We also expect the ongoing COVID-19 vaccination to support global and domestic economic recovery that will enhance the market and give direction. The banking sector and others remain attractive on the back of the prevailing low prices, despite the Q1 mixed numbers.

“However, the strong and faster recovery may continue, depending on market forces, going forward, as propelled by expected Q2 earnings reports, until the next MPC meeting in July.”

He urged investors to target dividend-paying stocks and companies with growth prospects in 2021 ahead of the interim dividend announcement.

Analysts at Cordros Capital Limited said: “With the H1, 21 earnings season on the horizon, we believe investors will be looking for clues on the sustainability of the decent corporate earnings release for Q1-21.

“However, we expect mixed market performance in the week ahead as bargain hunting in dividend-paying stocks will be matched by intermittent profit-taking activities.”

43 equities appreciated last week, higher than 33 in the preceding week. 26 equities depreciated lower than 37 equities in the previous week, while 87 equities remained unchanged higher than 85 equities recorded in the previous week.

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