Financial Sector Contributes 87.5% To Customs Street Turnover

The financial sector contributed 87.5% to the turnover of the Nigerian Exchange (NGX) Limited in the second week of May, OduNews reports.

The stocks of Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc drove the activities of the stock market last week.

The financial sector maintained its dominance in volume terms with 3.15 billion shares valued at N27.5 billion traded in 14,987 deals thus contributing 87.5 per cent to the total equities turnover.

Trading in the top three equities – Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc – accounted for 2.2 billion shares worth N18.7 billion in 5,083 deals, contributing 60.2 per cent to the total equity turnover.

Following the banking sector in volume terms was the conglomerate industry with 99.4 million shares worth N219.5 million in 901 deals. The consumer goods industry, with a turnover of 87.434 million shares worth N1.6 billion in 3,768 deals.

On the whole, a total turnover of 3.6 billion shares worth N36.5 billion in 27,801 deals was recorded by investors on the floor of the Exchange, in contrast to a total of 2.9 billion units valued at N22.8 billion that was exchanged in 23,765 deals on May 5, 2023.

On the activity chart, the equities market could not consolidate the gains of the prior week following pressure from profit-taking activities during the week.

Particularly, sell pressures on BUA Cement (-8 per cent) dragged the all-share index and market capitalisation by 0.5 per cent to close the week at 52,214.62 and N28.431 trillion respectively.

All other indices finished higher except for NGX Main Board, NGX 30, NGX Banking, NGX AFR Bank Value, NGX MERI Value, NGX Industrial Goods, and NGX.

Sovereign Bonds depreciated by 0.85 per cent, 0.12 per cent, 0.99 per cent, 1.45 per cent, 1.11 per cent, 3.36 per cent and 4.83 per cent respectively while the NGX ASeM index closed flat.