Stock investors gain N700bn as Nigerian bourse rises
Stock investors recorded a gain of N700 billion this week as the Nigerian Stock Exchange All-Share Index rose by 5.59 percent.
The ASI closed the week at 25,204.75 basis points, up from 23,871.33 bps a week ago, while the market capitalisation increased to N13.14 trillion from N12.44 trillion.
All other indices finished higher with the exception of NSE ASeM, which closed flat.
A total turnover of 1.718 billion shares worth N18.849 billion in 26,367 deals were traded this week by investors on the floor of the Exchange, compared to the 926.418 million shares valued at N9.768 billion that exchanged hands last week in 20,910 deals.
The financial services industry (measured by volume) led the activity chart with 1.273 billion shares valued at N11.362 billion traded in 13,808 deals, thus contributing 74.08 percent and 60.28 percent to the total equity turnover volume and value respectively.
The industrial goods industry followed with 102.377 million shares worth N3.194 billion in 2,956 deals, while the healthcare industry came third with a turnover of 99.620 million shares worth N493.348 million in 1,194 deals.
Trading in the top three equities, namely Zenith Bank Plc, Access Bank Plc and FBN Holdings Plc (measured by volume), accounted for 673.104 million shares worth N6.803 billion in 5,927 deals.
They contributed 39.18 percent and 36.09 percent to the total equity turnover volume and value respectively.
Fifty-five equities appreciated in price during the week, compared to 32 in the previous week, while eight equities depreciated in price, as against 28 in the previous week.
Analysts at Cordros Capital Limited said the Nigerian equities market rallied this week on the back of significant interests in banking stocks and market heavyweights, namely BUA Cement Plc, MTN Nigeria Communications Plc and Dangote Cement Plc.
“In our opinion, risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions. Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks,” they added.
