Investors on the Nigerian Stock Exchange (NSE) recorded a turnover of 3.56 billion shares worth N24.69 billion in 39,321 deals last week. These were against the 2.81 billion shares valued at N22.19 billion exchanged in 33,123 deals in the preceding week. The Financial Services sector remained the most active as investors traded 2.53 billion shares valued at N16.34 billion in 23,085 deals last week.
The conglomerate sector sold 473.15 million shares worth N1.05 billion in 2,341 deals. The NSE All-Share Index appreciated by 901.63 points or 2.78 per cent to close at 33,313.49 from the 32,411.86 posted in the preceding week. Also, the market capitalisation appreciated by 2.78 per cent to close at N10.66 trillion against the N10.37 trillion recorded in the preceding week.
Wapco Lafarge led the gainers’ chart, appreciating by N6.20 to close at N34.20 per share. Guinness gained N5.38 to close at N297.41, while Ashaka Cement appreciated by N5.33 to close at N26.03 per share.
Conversely, Nestle topped the losers’ chart, dropping N5.03 to close N814.96 per share. Nigerian Breweries trailed with a loss of N1.51 to close at N163.50 per share, while Flourmills lost 91k to close at N80 per share. Some capital market operators attributed the ongoing rally on the nation’s bourse to declining yields from fixed income securities. The low investment had led to movement of funds to equities.
Mr David Adonri, the Chief Executive Officer, Lambeth Trust Investment Company Ltd., said that expectation of impressive full year results was responsible for increasing demand for equities.
Adonri said that the growth might be sustained if there was stability in the macro economy. He said that the rally might not stop if the high tempo of foreign portfolio investment continued.
Mr Okechukwu Unegbu, the Managing Director, Maxifunds Investment and Securities, said that introduction of new products and initiatives contributed to the growth.
Unegbu said that zero tolerance to market infractions by market regulators increased investors’ confidence in equities.
He, however, said that the market might experience mixed performances due to profit-taking by speculators.