Respite as stock market closes week positive by 0.33 per cent

Transactions on the Nigerian Stock Exchange (NSE), last week, reversed previous week’s negative positions, amid volatile market deals, as indices appreciated marginally by 0.33 per cent.

At the close of transactions, the market resisted further decline month-to-date, which reflected market sentiments and investor perception of the economy and its managers.

The market resistance was also hinged on the strength of relative improvements in economic activities, even as investors kept their focus on the political environment, as things become clearer and decisions being made based on the campaign outcomes of major parties and their flag bearers.

Specifically, the NSE All-Share Index and market capitalisation appreciated by 0.33% to close the week at 30,773.64 points and N11.241 trillion respectively.

Similarly, all other indices finished higher with the exception of the NSE CG and NSE Banking that depreciated by 0.05% and 2.20% respectively, while the NSE ASeM index closed flat.

A turnover of 1.47 billion shares worth N18.68 billion were recorded in 15, 610 deals by investors on the floor of the Exchange.

This volume of shares traded was however, higher than 1.169 billion units valued at N14.762 billion that was exchanged in 14,554 deals during the previous week.

The financial services industry (measured by volume) led the activity chart with 918.303 million shares, valued at N11.02 billion, traded in 9,154 deals, thus contributing 62.40 per cent to the total equity turnover volume and value respectively.

The Healthcare Industry followed with 280.722 million shares worth N78.511 million in 259 deals.

The third place was Industrial Goods Industry with a turnover of 108.712 million shares worth N 2.949 billion in 1,496 deals.

Trading in the top three equities- Union Diagnostic and Clinical Services Plc, Zenith Bank Plc, and Access Bank Plc (measured by volume), accounted for 619.444 million shares worth N6.05 billion in 2,818 deals, contributing 42.09 per cent to the total equity turnover volume and value respectively.