Capital market operators and some financial analysts have commended the performance of the shares of the top traded stocks at the Nigerian Stock Exchange, for the week ended July 6, 2018.
The stock which are United Bank for Africa Plc, Multiverse Mining and Exploration Plc and Nigerian Aviation Handling Company Plc, accounted for 912.300 million shares worth N5.308 billion in 1,025 deals, contributing 49.53 and 31.99 per cent to the total equity turnover volume and value respectively.
An investment analyst, Mr. Adesina Olubi, said unlike some weeks ago when the banking sub-sector dominated the activities at the NSE, Multiverse Mining and Exploration Plc and Nigerian Aviation Handling Company Plc coming on board as part of the three top traded equities, was a welcome development.
Olubi said this is a very critical time when investors must seek proper guidance from their stockbrokers before making any investment decision.
Similarly, a capital market analyst, Mr. Peter Nnacheta, cautioned that domestic retail investors should be careful on choice of equities as the market is likely to record continuous drop given the challenging macroeconomic environment in the build up to general election.
Meanwhile, a total turnover of 1.842 billion shares worth N16.594 billion in 18,941 deals were traded last week by investors on the floor of The Nigerian Stock Exchange, in Contrast to a total of 2.004 billion shares valued at N21.582 billion that exchanged hands previous week in 18,534 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.018 billion shares valued at N10.906 billion traded in 10,092 deals; thus contributing 55.28 per cent and 65.72 per cent to the total equity turnover volume and value, respectively.
The Services Industry followed with 313.481million shares worth N1.861billion in 782 deals. The third place was occupied by Natural Resources Industry with a turnover of 304.922 million shares worth N61.366 million in 82 deals.
Also traded during the week were a total of 25,220 units of Exchange Traded Products valued at N454,438.90 executed in 4 deals, compared with a total of 4,211 units valued at N96,115.90 that was transacted last week in 18
deals.
The NSE All-Share Index and Market Capitalisation depreciated by 1.71 per cent to close the week at 37,625.59 and N13.630 trillion respectively. Similarly, all other indices finished lower with the exception of the NSE Insurance Index that appreciated by 0.53 per cent.