Considering the share movements at the Nigerian Stock Exchange last week, stockbrokers have advised investors to concentrate more on stocks of some vibrant financial institutions this week.
As the market is gradually returning to profitability, the financial analysts and market commentators have urged investors in the financial services industry not to divest, as the sector is expected to maintain an upward price pattern in the new week.
The Chief Executive Officer, Afex Consulting, Mr. Kehinde Tokunbo, said shares of First Bank of Nigeria Holdings maintained their position as the most traded, accounting for 88.68 million shares, valued at N628.80 million; while UBA traded 50.71 million shares, worth N500.42 million and Diamond Bank sold 29.46 million shares, valued at N30.52 million, last week.
“We would encourage investors to invest in ‘blue chip’ and ‘penny’ stock banks this week. This is because Nigeria’s business environment is becoming more conducive with the stability in the foreign exchange market and reduced insecurity level,” Tokunbo said.
Meanwhile, a total turnover of 1.363 billion shares, worth N17.714 billion were traded last week, in 21,891 deals, in contrast to a total of 1.394 billion shares, valued at N16.403 billion that exchanged hands in the previous week, in 19,195 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.046 billion shares, valued at N9.032 billion traded in 12,847 deals; thus contributing 76.79 per cent and 50.99 per cent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 119.907 million shares, worth N5.109 billion in 4,827 deals. The third place was occupied by Healthcare Industry with a turnover of 70.587 million shares, worth N77.530 million in 349 deals.
Trading in the Top Three Equities, namely: FBN Holdings Plc, Diamond Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 497.016 million shares, worth N2.947 billion in 4,205 deals. This contributed 36.48 per cent and 16.64 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 1,156,439 units of Exchange Traded Products (ETPs), valued at N6.404 million executed in 13 deals, compared with a total of 104,544 units, valued at N11.506 million, transacted last week in seven deals.
A total of 2,775 units of Federal Government Bonds, valued at N2.770 million were also traded last week in four deals, compared with a total of 559 units valued at N485, 802.83 traded last week in five transactions. The NSE’s All-Share Index and Market Capitalisation appreciated by 1.31 per cent to close the week at 36,939.59 and N12.785 trillion respectively.
