Stocks investors gain N552 billion in one week
Nigeria’s stock investors ended last week trading which ended on January 15, N552 billion richer as the value of listed equities increased remarkably by 2.63 percent to N21.530trillion from N20.978trillion recorded in week one.
The All Share Index (ASI) which had opened the review week at 40,120.22 points increased to 41,176.14 points. As NSE data showed, 60 stocks appreciated in price, higher than 50 equities in week one.
A breakdown of the activities revealed that the Financial Services Industry (measured by volume) led the activity chart with 1.714 billion shares valued at N13.352 billion traded in 15,102 deals; thus contributing 49.74 percent and 40.80 percent to the total equity turnover volume and value respectively.
The Construction/Real Estate Industry followed with 768.131 million shares worth N4.203 billion in 430 deals. The third place was Conglomerates Industry, with a turnover of 279.799 million shares worth N578.694 million in 1,199 deals.
Despite the gains from the week under review, analysts are not convinced the market can continue keep the momentum ahead of the new trading week.
In their January 15 note to investors, equity analysts at Vetiva Capital Management Limited, said: “Though most fundamental indicators point towards an extension of the bullish performance in the following week, however, we believe some of the gainers might witness a bit of declines next week(tomorrow) as short term players start to take advantage of recent gains.”
In summary, trading in the top three equities namely UPDC Real Estate Investment Trust, Mutual Benefits Assurance Plc and Transnational Corporation of Nigeria Plc (measured by volume) accounted for 1.224 billion shares worth N4.459 billion in 929 deals, contributing 35.52 percent and 13.63 percent to the total equity turnover volume and value respectively.