… trade N4.45bn shares in 3,193 deals
Capital market operators and some financial analysts, over the weekend, recommended the shares of the three top equities – United Bank for Africa Plc, Zenith Bank Plc and Consolidated Hallmark Insurance Plc as hot stocks.
The shares of the three companies accounted for 447.620 million shares, worth N4.453billion, exchanged, last week, in 3,193 deals.
The Managing Director, Cowry Assets Management Limited, Mr. Johnson Chukwu, going by the performance of the equity market last week, said the banks were expected to pay good dividend to shareholders in the next financial year.
“They will pay good returns, at least to match last year’s return payout ratio. Recall that the big banks actually did well in the half-year results, matched with interim dividend, despite the difficulties in the nation’s economy,” he added.
Chukwu explained that the economy was sluggish in 2018 and the best the market could achieve was 1.91 per cent growth in Gross Domestic Product.
A financial analyst, Mr. Abayomi Akinreti, maintained that investors apathy persisted, due to political tension.
“Investors can still take decisions, through their stockbrokers on what stocks to invest in. Penny stocks are good any time any day,” he said.
Meanwhile, a total turnover of 1.452 billion shares, worth N14.788 billion, were traded, last week, in 19,318 deals. This was in contrast to a total of 1.807billion shares, valued at N17.232billion that exchanged hands the previous week in 18,332 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.204 billion shares, valued at N10.500 billion, traded in 12,671 deals; thus contributing 82.95 per cent and 71.00 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 93.206 million shares, worth N138.014 million, in 916 deals. Consumer Goods Industry clinched the third place with a turnover of 71.404 million shares, worth N3.170billion, in 2,698 transactions.
Trading in the Top Three Equities namely: UBA, Zenith Bank and Consolidated Hallmark Insurance Plc (measured by volume) accounted for 447.620 million shares, worth N4.453billion, in 3,193 deals, contributing 30.83 per cent and 30.11 per cent to the total equity turnover volume and value, respectively.
The NSE’s All Share Index and Market Capitalisation of listed equities depreciated by 2.51 per cent to close the week at 30,636.36 and N11.424 trillion, respectively.
