Financial stocks dominates, accounts for 41.7% of total turnover

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The financial services industry dominated in volume terms at the end of last week's transactions on the equities sector of the Nigerian Exchange Limited (NGX) with 899.5 million shares valued at N15.9 billion traded in 20,278 deals, thus contributing 41.70 per cent to the total equity turnover volume.

The financial services industry dominated in volume terms at the end of last week's transactions on the equities sector of the Nigerian Exchange Limited with 899.5 million shares valued at N15.9 billion traded in 20,278 deals, thus contributing 41.70 per cent to the total equity turnover volume.The financial services industry dominated in volume terms at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited with 899.5 million shares valued at N15.

Trading in the top three equities namely Transnational Corporation Plc, Transcorp Power Plc and United Bank for Africa Plc accounted for 1.1 billion shares worth N78.8 billion in 12,167 deals, contributing 48.9 per cent to the total equity turnover volume. Precisely, the All-share index and market capitalisation appreciated by 2.61 per cent and 6.03 per cent closing the week at 101,330.85 and N57.293 trillion respectively.

“We expect a continuation of the mixed sentiments as investors and traders digest the latest developments at the fixed income market, with TB’s yield at 21.5 per cent, just as more corporate earnings with dividends are expected to hit the market and investors taking advantage of low valuation to position and rebalancing portfolio.

The sectoral debate organised by the House of Representatives may have come and gone but its memories will linger in the minds of Nigerians for a long time to come.

 

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