Following the four days trading section at the Nigerian Stock Exchange, some financial experts have advised that investors should consider the shares of Union Bank of Nigeria Plc, Access Bank Plc and Guaranty Trust Bank Plc, which accounted for 355.043 million shares worth N4.845 billionin 2, 133 deals.
A stockbroker and Chief Executive of Sofunix Investment and Communications, Mr. Sola Oni, said the stock market was a barometer that gauges the mood of the economy. Oni explained that companies had suffered untold hardship during the recession as production costs shot up and the purchasing power of investors dwindled.
He however advised that investors should study vividly top trading stocks each week for proper investment decision.
A financial market analyst, Mr. Nona Awoh, expressed optimism that the market would pick up going by the positive economic indicators.
According to him, there was light at the end of the tunnel as economic variables were showing positive signals. “Some quoted companies had successfully floated rights issues and more will follow suit as elections have ebbed away and investors’ hope is on the upbeat.”
Meanwhile, the market opened for four trading days last week as the Federal Government of Nigeria declared Friday, 19th April 2019 (Good Friday) and Monday, 22nd April 2019 (Easter Monday) Public Holidays to mark the end of the Lenten season and Easter celebrations.
A total turnover of 988.692 million shares worth N11.432 billion was traded last week in 13,596 deals. This was in contrast to a total of 1.770 billion shares valued at N15.264 billion that investors exchanged hands the previous week in 17,015 deals.
The financial services industry (measured by volume) led the activity chart with 766.191 million shares valued at N7.261 billion traded in 7,820 deals; thus contributing 77.50 per cent and 63.51 per cent to the total equity turnover volume and value respectively.
The ICT Industry followed with 74.769 million shares worth N24.600 million in 212 deals. The third place was Consumer Goods Industry with a turnover of 48.022 million shares worth N3.095 billion in 2,374deals.
Trading in the Top Three Equities, namely, Union Bank of Nigeria Plc, Access Bank Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 355.043 million shares worth N4.845 billion in 2,133 deals, contributing 35.91 per cent and 42.38 per cent to the total equity turnover volume and value
respectively.
