Investors have been advised by some capital market operators and financial analysts to invest in the shares of the three most traded stocks for the week ended November 16, 2019.
The Chief Operating Officer, InvestData Limited, Mr. Ambrose Omorodion, lauded the upward movement of the shares of the top three equities namely Diamond Bank Plc, Ikeja Hotel Plc, and FBN Holdings Plc.
He however advised investors to avoid sentiments while taking decisions on where to put their money in the coming year.
An asset management analyst, Mr. Oluwasina Kazeem, said that the bullish sentiment was due to early positioning by all classes of market players in low, medium and highly capitalised stocks, ahead of the earnings
season.
Kazeem projected that investors would likely embark on profit taking to take advantage of growth recorded by the market in the past few weeks.
Meanwhile, a total turnover of 1.285 billion shares worth N11.539 billion in 13,245 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.079 billion share s valued at N18.196 billion that exchanged hands last week in 14,372 deals.
The Financial Services Industry (measured by volume) led the activity chart with 890.433 million shares valued at N8.113 billion traded in 7,923 deals; thus contributing 69.31 per cent and 70.31per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 284.370 million shares worth N585.368 million in 298 deals. The third place was Consumer Goods Industry with a turnover of 44.694 million shares worth N2.054 billion in 2,367 deals.
Trading in the Top Three Equities namely Diamond Bank Plc,Ikeja Hotel Plc, and FBN Holdings Plc, (measured by volume) accounted for 708.003 million shares worth N1.758 billion in 1,957 deals, contributing 55.11 per cent and 15.23 per cent to the total equity turnover volume and value respectively.
The NSE All-Share Index and Market Capitalization depreciated by 0.44 per cent to close the week at 32,058.28 and N11.704 trillion respectively. Similarly, all other indices finished lower with the exception of the NSE Consumer Goods and NSE Industrial Goods Indices that finished higher by 0.04 per cent and 1.02 per cent respectively, while NSE ASeM Index closed flat.
