By Ngozi Amuche
Analysts and some capital market operators have endorsed the shares of Wema Bank Plc, Forte Oil Plc and Zenith Bank Plc, which accounted for 6.573 billion for the weekend ended June, 21 2019.
An investment analyst, Mr. Joseph Abegunde said “our optimistic expectations tilted towards the Banking sector, especially the Tier-1 players
that have historically demonstrated resilience amidst tougher operating conditions. The stock market will definitely bounce back. A wise investor should take advantage of penny stocks as the price is relatively low”
Responding, a stockbroker, Mr. David Osaze, explained that every new investor must contact a stockbroking firm, where stockbrokers would conduct Know Your Client (KYC) in order to ascertain basic information about the investor, adding that the stockbroker must carry out investigation to ascertain that the potential investor is a fit and proper person.
Meanwhile, a total turnover of 7.476 billion shares worth N91.107 billion in 17,192 deals was traded by investors on the Nigerian Stock Exchange.
This was in contrast to a total of 868.739 million shares valued at N15.792 billion that exchanged hands last week in 12,201 deals.
The Financial Services Industry (measured by volume) led the activity chart with 6.121 billion shares valued at N17.460 billion traded in 8,479 deals; thus contributing 81.87per cent and 19.16 per cent to the total equity turnover volume and value respectively. The Oil & Gas Industry followed with 1.002 billion shares worth N65.058 billion in 2,019 deals.
On the third place was ICT Industry with a turnover of 115.320 million shares worth N3.387 billion in 866 deals.
Trading in the Top Three Equities namely, Wema Bank Plc, Forte Oil Plc and Zenith Bank Plc accounted for 6.573 billion shares worth N77.492 billion in 2,895 deals, contributing 87.91per cent and 85.06 per cent to the total equity turnover volume and value respectively.
The NSE All-Share Index and Market Capitalization depreciated by 0.65 per cent and 0.59 per cent to close the week at 29,851.29 and N13.155 trillion respectively.
All other indices finished higher with the exception of the NSE-Main Board Index, NSE Premium Index, NSE MERI Growth Index, NSE Consumer Goods Index and NSE Lotus II which depreciated by 0.49 per cent, 0.77per cent, 0.83 per cent, 1.64 per cent and 1.54 per cent respectively while NSE ASeM Index closed flat.
