Market operators and some financial analysts have advised prospective investors to consider the shares of Sterling Bank Plc, Medview Airline Plc, and Zenith International Bank Plc, for the days ahead.
A stockbroker, Mr. David Adedayo, told our correspondent that the capital market was reacting to sentiments, and that the Exchange kicked off the year with a blistering start, even though the gains seemed to have tapered off a bit.
Adedayo said most stocks took advantage of the positive growth in the first quarter. “So I would advise investors to beam their searchlight on the shares of Sterling Bank Plc, Medview Airline Plc, and Zenith International Bank Plc, which were the most traded stocks last week.”
An investment analyst, Mr. Paul Oke, said it was not surprising that the capital market was witnessing some obvious challenges in terms of stock performance. “The macroeconomic conditions are one attribute, coupled with electioneering jitters. It will certainly get better after the 2019 general
election.”
Oke also noted that those fundamental challenges in the market did not stop investors from investing in the short to medium term, especially taking into consideration, the most traded stocks each week.
Meanwhile, a total turnover of 1.665 billion shares, worth N14.834 billion, were traded in 18,795 deals last week by investors on the floor of the Exchange, in contrast to a total of 1.219 billion shares, valued at N17.333 billion that exchanged hands last week in 17, 362 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.056 billion shares, valued at N10.224 billion traded in 10,056 deals; thus contributing 63.45 per cent and 68.93 per cent to the total equity turnover volume and value, respectively.
The Services Industry followed with 264.289 million shares, worth N549.693 million in 592 deals. The third place was occupied by the Conglomerates Industry with a turnover of 134.374 million shares, worth N199.566 million in 1,286
deals.
Trading in the Top Three Equities namely – Sterling Bank Plc, Medview Airline Plc and Zenith International Bank Plc (measured by volume) accounted for 719.386 million shares, worth N4.209 billion in 1,961 deals, contributing 43.20 per cent and 28.38 per cent to the total equity turnover volume and value, respectively.
