Equities market closes positive after 3days profit-taking

Despite Investors lost of N35 billion in three days, the equities market closed the week on a positive note.

The market capitalisation had opened the week at N9.058 trillion to close on Friday at N9.023 trillion while the All-Share Index dropped by 0.39 per cent or 102.39 basis points from 26,325.93 basis points to 26,223.54 basis points.

All other indices finished lower during the week with the exception of the NSE Banking, NSE Insurance, NSE Pension indices that appreciated by 1.80 per cent and 0.19 per cent respectively while the NSE ASeM Index closed flat.

A turnover of 1.340 billion shares worth N8.903 billion in 15,733 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.117 billion shares valued at N9.041 billion that exchanged hands last week in 16,482 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.107 billion shares valued at N3.918 billion traded in 9,429 deals; thus contributing 82.56 per cent and 44.01per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 74.790 million shares worth N82.353 million in 584 deals. The third place was occupied by Consumer Goods Industry with a turnover of 47.603 million shares worth N1.466 billion in 2,463 deals.

Trading in the top-three equities namely – Fidelity Bank Plc, Continental Reinsurance Plc and Diamond Bank Plc (measured by volume) accounted for 550.669 million shares worth N576.849 million in 1,558 deals, contributing 41.08 per cent and 6.48 per cent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 44 units of Exchange Traded Products (ETPs) valued at N79,568.30 executed in 12 deals, compared with a total of 2,443 units valued at N730,619.05 transacted last week in 23 deals.

A total of 6,449 units of Federal Government Bonds valued at N6.652million were traded this week in nine deals, compared with a total of 5,200 units valued at N5.004 million transacted last week in five deals.