FBN Holding, Fidelity, Zenith make buyer’s list

Trading in the top three equities of the banking sector namely, FBN Holdings Plc, Fidelity Bank Plc and Zenith International Bank Plc (measured by volume) accounted for 958.742 million shares worth N11.355 billion in 6,765 deals, contributing 28.91 per cent and 31.15 per cent to the total equity turnover volume and value last week.
Based on the stocks’ performance, Analyst and a fund manager at Global Investment, Mr. Eugene Omene, said the financial services industry remains the toast of investors any time any day.
He said, “Another contributory factor could be attributed to market sentiment; investors are always looking for those stocks that can give good return on investment. I will advise that investors keep eyes on the banking sector for next week.”
A stockbroker, Mr. James Adegbenro, tasked the management of The Nigerian Stock Exchange to do more on investor’s education. “Many investors don’t really understand stock chart or stock movement. They need to be properly guided by their stockbrokers on what stock to buy at all time. The banking stocks are good, others like the conglomerate and the Consumer goods should equally be considered.”
Meanwhile, a total turnover of 3.316 billion shares worth N36.451 billion in 29,771 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 14.257 billion shares valued at N35.056 billion that exchanged hands the previous week, in 17,379 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.785 billion shares valued at N26.075 billion traded in 18,293 deals; thus contributing 83.97 per cent and 71.54 per cent to the total equity turnover volume and value, respectively.
The Conglomerates Industry followed with 247.639 million shares worth N1.330 billion in 1,333 deals. The third place was occupied by Consumer Goods Industry with a turnover of 185.560 million shares worth N5.976 billion in 6,137 deals.
Also traded during the week were a total of 1.189 million units of Exchange Traded Products valued at N11.662 million executed in 30 deals, compared with a total of 1,090 units valued at N14,708.50, that was transacted last week in 10 deals.
A total of 5,240 units of Federal Government Bonds valued at N4.406 million were traded this week in 23 deals, compared with a total of 21,670 units valued at N23.125 million transacted last week in 17 deals.
The NSE All Share Index and Market Capitalization appreciated by 3.46 per cent to close the week at 39,257.53 and N13.672 trillion respectively. Similarly, all other indices finished higher during the week with the exception of the NSE ASeM, NSE Oil/Gas and the NSE Industrial Goods Indices that depreciated by 1.04 per cent, 0.47 per cent, and 1.37 per cent, respectively.
Forty-seven equities appreciated in price during the week, higher than 39 of the previous week. Twenty equities depreciated in price, lower than 23 equities of the previous week, while 105 equities remained unchanged, lower than 109 equities recorded in the preceding week.