For the second consecutive time in a month, Medview Airline Plc and Zenith International Bank Plc maintained their position as the most traded stock on the weekly market report for July 27, 2018, on the floor of the Nigerian Stock Exchange.
FBN Holding followed closely, leading to the top three equities accounting for 578.789 million shares worth N5.153 billion in 2,874 deals, thereby contributing 40.83 per cent and 30.78 per cent, respectively, to the total equity turnover volume and value.
Market pundits said the equities rode on the back of regulatory protection by the government and their primary regulators to deliver a modest performance.
A stockbroker, Mr. Ademola Adeleke, said the stock market reacts to the various policies within the fiscal and monetary policies.
“The sectors would have done better, if not for election jitters. We must be optimistic that the market will rebound fully as soon as the 2019 general elections are over,” he said.
A financial analyst, Mr. Mike Osaze, explained that for those stocks (Medview Airline and Zenith International Bank Plc) to maintain their position as the most traded stock for two consecutive weeks, despite the challenges of macroeconomic conditions in the country, showed that the Nigerian capital market is solid.
“I will encourage investors to go for the stock of the three most traded equates for the week ahead,” he advised.
Meanwhile, a total turnover of 1.417 billion shares worth N16.739 billion in 19,832 deals were traded last week by investors on the floor of the Nigerian Stock Exchange in contrast to a total of 1.665billion shares valued at N14.834 billion that exchanged hands last week in 18,795 deals.
The Financial Services Industry (measured by volume) led the activity chart with 832.842 million shares valued at N8.823 billion traded in 10,851 deals; thus contributing 58.76 per cent and 52.71 per cent, respectively, to the total equity turnover volume and value.
The Services Industry followed with 320.350 million shares worth N679.981 million in 584 deals. The third place was occupied by Conglomerates Industry with a turnover of 99.403million shares worth N147.372 million in 1,000
deals.
The NSE All-Share Index and Market Capitalization appreciated by 0.09 per cent to close the week at 36,636.97 and N13.272 trillion, respectively. Similarly, all other indices finished higher with the exception of the NSE Premium, NSE Consumer Goods, NSE Oil/Gas, NSE Industrial Goods and NSE Pension Indices that depreciated by 0.16 per cent, 0.19 per cent, 3.74 per cent, 4.40 per cent and 0.56 per cent, respectively.
