Banking Sector Leads Local Stock Market N33.6bn Turnover

The financial sector dominated activities on the floor of the local stock market last week, contributing N21.8 billion to its turnover.

Banking Sector Leads Local Stock Market N33.6bn Turnover
Banking Sector Leads Local Stock Market N33.6bn Turnover

It led the activity chart with 2.1 billion shares valued at N21.8 billion traded in 14,008 deals, thus contributing 69.2 per cent to the total equity turnover.

Following the banking sector was the conglomerate industry, accounting for 398.6 million shares worth N1.2 billion in 3,129 deals.

The services industry ranked third with a turnover of 270.1 million shares worth N1.9 billion in 1,317 deals.

Trading in the top three equities, namely Fidelity Bank Plc, Access Holdings Plc and Transnational Corporation Plc (measured by volume) accounted for 1.3 billion shares worth N8.2 billion in 5,286 deals, contributing 43.8 per cent to the total equity turnover.

However, a total turnover of three billion shares worth N33.6 billion was recorded in 29,505 deals by investors on the floor of the exchange, lower than a total of 3.6 billion units, valued at N36.4 billion that changed hands in 27,801 deals during the preceding week.

On the activity chart, losses recorded in the shares of top telecommunication player Airtel Africa (six per cent) dragged the all-share index and market capitalisation by 0.1 per cent to close the week at 52,187.93 and N28.417 trillion respectively.

All other indices finished higher except NGX Main Board, NGX 30, NGX Oil and Gas, NGX Lotus II, NGX Industrial Goods, and NGX Growth, which depreciated by 0.64 per cent, 0.09 per cent, 1.67 per cent, 0.66 per cent, 0.03 per cent and 0.32 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

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