Equities generate N22.76bn turnover in one week
Equities listed on the Nigerian Stock Exchange generated a total turnover of 1.237 billion shares worth N22.76bn in 21,156 deals last week.
This was in contrast to a total of 2.087 billion shares valued at N26.47bn that exchanged hands the previous week in 24,262 deals.
The financial services industry (measured by volume) led the activity chart with 837.35 million shares valued at N10.51bn traded in 12,041 deals; thus contributing 67.69 per cent and 46.17 per cent to the total equity turnover volume and value respectively.
The industrial goods followed with 154.540 million shares worth N2.30bn in 2,862 deals.
The third place was occupied by the Information and Communications Technology industry with a turnover of 52.71 million shares worth N1.26bn in 709 deals.
Trading in the top three equities, namely, Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 421.77 million shares worth N8.77bn in 5,886 deals.
This contributed 34.10 per cent and 38.52 per cent to the total equity turnover volume and value respectively.
In the Exchange Traded Products market, a total of 141 units valued at N520,511.70 were traded last week in six deals, compared with a total of 8,871 units valued at N36.91m transacted the previous week in 20 deals.
In the bonds market, a total of 59,632 units of the Federal Government bonds valued at N71.50m were traded last week in 24 deals, compared with a total of 53,219 units valued at N58.15m transacted the previous week in 16 deals.
A total of 32 equities appreciated in price last week while 28 losers emerged, compared with the 21 gainers and 42 losers recorded in the previous week.
The top five gainers were Law Union and Rock Insurance Plc, Honeywell Flour Mills Plc, NEM Insurance Plc, Lafarge Africa Plc and Caverton Offshore Support Group Plc, which gained 38 per cent, 14.56 per cent, 12.24 per cent, 10.76 per cent and 10.69 per cent respectively.
The top five losers for the week were NCR Nigeria Plc, Eterna Plc, Arbico Plc, Associates Bus Company Plc and Unity Bank Plc, whose respective share prices declined by 18.27 per cent, 12.50 per cent, 9.97 per cent, 8.89 per cent and 8.70 per cent.
Analysts at Vetiva Capital Management Limited said the market closed last week in the green as bargain-hunting on Tier-1 banks persisted for a second straight session.
They said they expected a slight moderation in market gains early this week but believed that the positive macro outlook for 2020 could continue to support demand at current levels.
It said the low-yield environment in the fixed income space was expected to support further interest from the institutional investors in the equities market.