Capital market operators and financial analysts have unanimously agreed that the stock market will bounce back in the face of new government policies.
This was following the activities of the equity market last where three top banks-Access Bank Plc, Zenith Bank Plc and United Bank for Africa Plc accounted for 651.600 million shares worth N6.294 billion in 6,505 deals, thereby contributing 54.39percent and 51.28percent to the total equity turnover.
Speaking with our correspondent, a former stockbroker, Mr. Augustine Dilibe, said; “I see local equities bouncing back into the green territory, especially as the general election has been concluded and new government policies underway.
“This is against the backdrop of the turnaround by the US Federal Open Market Committee on its decision to further hike the Fed rate amid concerns of slower global economic growth” he said.
A financial analyst, Mr. Seun Adeleke, said; “we should see the local bourse rebound stronger if a market-friendly policies eventually emerges from the federal government. We expect foreign investors to return to the Nigerian market and take advantage of the cheap value stocks”.
Meanwhile, a turnover of 1.198 billion shares worth N12.273 billion was traded last week in 18,293. This was in contrast to a total of 1.113 billion shares valued at N13.465 billion that investors exchanged hands the previous week in 15,036 deals.
The Financial Services Industry led the activity chart with1.014 billion shares valued at N9.693 billion traded in 12,165 deals; thus contributing 84.63percent and 78.98percent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 58.049 million shares worth N1.398 billion in 2,689 deals. The third place was Conglomerates Industry with a turnover of 46.272 million shares worth N103.316 million in 626
deals.
The NSE All-Share Index and market capitalization depreciated by 0.01 per cent to close the week at 31,139.35 and N11.612trillion respectively. Thirty-two equities appreciated in price during the week, higher than eighteen in the previous week.
Thirty-eight equities depreciated in price, lower than forty-five equities of the previous week, while ninety-eight equities remained unchanged lower than one hundred and five equities recorded in the preceding week.
