Capital market operators and some financial analysts have endorsed the shares of Diamond Bank Plc, Guaranty Trust Bank Plc and Zenith Bank Plc which accounted for 696.955 million shares worth N8.509 billion in 3,753 deals, contributing 54.86 per cent and 63.20 per cent to the total equity turnover volume and value for the week
ended.
Speaking with our correspondent over the weekend, a stockbroker, Mr. Ubaka Okereke, said the first half of the year is usually dominated by the release of full-year results by companies.
“Though the forthcoming elections may cause a delay (or an early release in some cases), investors are however advised to have some of these performing stocks on their radar in the first and second quarters of the year,” he
said.
He explained that Guaranty Trust Bank and Zenith are in a tight race in terms of leadership position, adding that full year results would be the deciding factor if GTBank takes the lead pertaining to profit this year.
An investment analyst, Mr. Tolu Adewale, said the three top traded stocks for last week are good buy for investors.
“As an individual or retail investor in the capital market, you usually do not have the luxury of having access to deep research by well-paid financial analysts to help you make a smart investment decision. Therefore an investor must seek for an advice from an experience stockbroker before investing,” he said.
Meanwhile, a total turnover of 1.270 billion shares worth N13.463 billion in 16,476 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.265 billion shares valued at N14.074 billion that exchanged hands last week in 19,278 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.131 billion shares valued at N10.573 billion traded in 10,352 deals; thus contributing 89.06per cent and 78.54percent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 37.744 million shares worth N1.628billion in 2,054 deals. The third place was Conglomerates Industry with a turnover of 37.699 million shares worth N102.918 million in
566 deals.
The NSE All-Share Index and Market Capitalization appreciated by 3.94 per cent to close the week at 31,005.17 and N11.562 trillion respectively. Similarly all other indices finished higher with the exception of the NSE Banking Index that depreciated by 1.04 per cent while the NSE ASeM
index closed flat.
