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Banking stocks contribute 66.7% to equities market turnover | The Guardian Nigeria News

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Heavy transactions in the shares of some banks lifted the volume of shares traded last week, as a turnover of 2.9 billion shares worth N47.4 billion was recorded in 44,654 deals by investors on the floor of the exchange.

It was higher than 2.64 billion units valued at N45.5 billion that changed hands in 44,189 deals the previous week.

A total of 16,562 units valued at N2.7 million were traded in 73 deals compared with a total of 5.8 million units valued at N65.9 million transacted in 101 deals during the preceding week. Similarly, all other indices finished lower except NGX Insurance, NGX MERI Growth and NGX Growth which appreciated by 0.46 per cent, 0.55 per cent and 4.15 per cent respectively while the NGX ASeM index closed flat.

“Overall, we reiterate that investors should seek trading opportunities in fundamentally sound stocks as the weak macroeconomic environment remains a significant headwind to corporate earnings.”

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