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Zenith, Transcorp Hotels, others contribute N2.5b to market turnover

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Trading in the shares of Zenith Bank Plc, Transcorp Hotels Plc, and Access Bank Plc, at the end of last week’s transactions, accounted for 207.341 million shares worth N2.51 billion in 2,774 deals.

Consequently, a turnover of 1.006 billion shares worth N10.33 billion was recorded in 17,165 deals by investors on the floor of the exchange, in contrast to a total of 981.147 million shares valued at N10.38V4 billion that changed hands in 15,001 deals the preceding week.

The financial services industry (measured by volume) led the activity chart with 646.404 million shares valued at N5.199 billion traded in 8,996 deals, contributing 64.26 per cent to the total equity turnover.

The consumer goods industry followed with 108.587 million shares worth N2.257 billion in 3,213 deals.

The conglomerate industry, with a turnover of 80.257 million shares worth N179.134 million in 614 deals.

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Meanwhile, the equities market suffered a second consecutive weekly loss as sell-off was sustained on four of five trading sessions amid weak economic recovery, propelled by the rising insecurity.

The all-share index and market capitalisation depreciated by 2.56 per cent to close the week at 37,658.26 and N19.627 trillion respectively. All other indices finished lower except NSE CG, NSE Banking, NSE Pension, NSE-AFR Bank Value, NSE AFR Div Yield, NSE MERI Growth, NSE Consumer Goods, NSE Oil/Gas and NSE Sovereign Bond which appreciated by 0.37 per cent, 0.92 per cent, 0.02 per cent, 1.40 per cent, 1.71 per cent, 0.75 per cent, 0.57 per cent, 0.12 per cent and 0.26 per cent respectively while the NSE Growth Index closed flat.

Reacting to the market performance, Chief Research Officer of Investdata Consulting, Ambrose Omordion, said the four trading sessions of pullbacks have created buy opportunities for discerning investors and traders that understand the operation of stock markets.

He said this is because the coming reports would determine the state of quoted companies and by extension, the various investment portfolios, considering the changing price patterns and trading environment, which would help in making informed decisions.

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

Analysts at Codros capital said: “We believe a ‘choppy theme’ will be the overarching theme in the local bourse as investors continue to watch out for clues on the direction of yields in the FI market.

“Following the moderation in the share prices of bellwether stocks, we expect the bulls to make a re-entry in dividend-paying stocks ahead of H1-2021 dividend declarations, which intermittent profit-taking activities would match.

“However, we reiterate the need for positioning in only fundamentally sound stocks as the macroeconomic environment’s fragility remains a significant headwind for corporate earnings.”

A total of 101,876 units of Exchange Traded Products (ETPs) valued at N1.732 million were traded in the week in 19 deals compared with a total of 101,419 units valued at N1.610 million transacted last week in 14 deals.

216,675 units of bonds valued at N215.720 million were traded this week in 44 deals compared with a total of 26,452 units valued at 26,452 units transacted last week in 17 deals.

Meanwhile, one week after placing Guaranty Trust Bank (GTB) PLC on full suspension, on Friday, June 18, 2021, the Nigerian Exchange Limited, on Thursday, delisted the entire 29,431,179,224 issued shares of GTB Plc.

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In its place, the exchange listed the 29,431,179,224 issued share capital of Guaranty Trust Holding Company Plc on its daily official list at N28.55 per share.

This, the NGX explained in a notice to stakeholders, “is according to the Scheme of Arrangement between Guaranty Trust Bank and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission (SEC) and sanctioned by the court.”

The new GTB Holdco structure will comprise the banking subsidiaries, GTBank (Nigeria, West Africa and East Africa) and GTBank UK while the non-banking subsidiaries will include an asset management company, its pension business and a payment services company.

The group, therefore, joins the league of competitors that have also sought and received regulatory nod to adopt the Holdco structure “diversifying away from commercial banking into holding company structure given the challenging macro and regulatory environment.

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