Financial analysts in the Nigerian Stock Exchange have said that some indigenous companies across the Banking, conglomerates and manufacturing sub-sectors have the potentials to push the major market indicators this week.
The experts, who spoke with our correspondent in separate interviews, explained that stocks like First City Monument Bank Plc, Access Bank Plc, Transcorp Plc and Cement Company of Northern Nigeria would grow the market in the next weeks as more foreign investors have shown specific interests in them.
An economist, Mr. Kehinde Owode, said, “Based on the performances of the shares in the last few weeks, there is the need for discerning investors to pay more attention to the shares.”
The Managing Director, APT Securities and TrustLimited, Mallam Garba Kurfi, explained that investors should also focus on profitability and ask salient questions to confirm the true state
of shares.
“Investors should ask questions like, are those companies making profits? Do they have the financial muscles to pay dividends at the end of financial year? If they don’t, then people don’t need to go there nor sell-off their previous stocks. Investor must be well educated about market fundamental before taking critical decisions,”
he said.
Meanwhile, a total turnover of 2.170 billion shares worth N39.087 billion in 24,657 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 2.018 billion shares valued at N21.740 billion that exchanged hands last week in 25,496 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.534 billion shares valued at N17.670 billion traded in 15,208 deals; thus contributing 70.69 per cent and 45.21 per cent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 200.405 million shares worth N6.436 billion in 1,097 deals.
The third place was occupied by Conglomerates Industry with a turnover of 188.097 million shares worth N489.453 million in 998 deals.
Trading in the Top Three Equities are FCMB Group Plc, Transnational Corporation of Nigeria Plc and Cement Company of Northern Nigeria Plc (measured by volume) accounted for 617.511 million shares worth N4.086 billion in 2,090 deals, contributing 28.46% and 10.45% to the total equity turnover volume and value respectively.
Also traded during the week were a total of 50,547 units of Exchange Traded Products (ETPs) valued at N4.593 million executed in 12 deals, compared with a total of 111,794 units valued at N1.806 million that was transacted last week in 10 deals.
On the bond segment, a total of 6,574 units of Federal Government Bonds valued at N6.332 million were traded this week in 31 deals, compared with a total of 9,963 units valued at N10.057 million transacted last week in 21 deals.
The NSE All-Share Index and Market Capitalisation appreciated by 0.72 per cent and 0.82 per cent to close the week at 42,876.23 and N15.403 trillion respectively.
