Investors gained $102.72 million on the Nigerian Stock Exchange last week - here are the top gainers

Nigerian stocks driven higher by buying of gasoline retailers
  • Equity investors on the Nigerian Stock Exchange gained $102.72 million last week.
  • Guaranty Trust Bank Plc, Zenith Bank Plc, and United Bank for Africa Plc were the top three trading equities by volume.
  • 11 Plc, UACN Property development company Plc, Skyway Aviation Handling Company Plc, and UACN Plc among top performers for the week.

Last week, investors on the Nigerian stock exchange gained N37.36 billion ($102.72 million) as All Shares Index (ASI) and Market Capitalization appreciated by 0.24% and 0.27% to close at 26,279.61 and N13.7 trillion respectively.

Despite the impact of coronavirus on stocks around the world, and its first confirmed case in Lagos, week-on-week, the Nigerian bourse posted positive growth.

On Friday, however, the equities market closed on a negative note as ASI depreciated by 0.55% to close at 26,279.61 points. The market has lost 2.10% this year.

According to the NSE, a total turnover of 1.814 billion shares worth N26.008 billion in 23,494 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 1.547 billion shares valued at N24.263 billion that exchanged hands last week in 21,646 deals.

“The Financial Services industry (measured by volume) led the activity chart with 1.382 billion shares valued at N16.909 billion traded in 16,275 deals; thus contributing 76.20% and 65.02% to the total equity turnover volume and value respectively.

“The Services followed with 98.557 million shares worth N263.837 million in 369 deals. The third place was the ICT industry, with a turnover of 89.782 million shares worth N598.016 million in 800 deals,” the Exchange stated.

The top three trading equities by volume last week:

  • Guaranty Trust Bank Plc
  • Zenith Bank Plc
  • United Bank for Africa Plc.

The three tier-1 banks accounted for 784.482 million shares worth N14.610 billion in 9,337 deals, contributing 43.25% and 56.17% to the total equity turnover volume and value respectively.

Analysts at Afrinvest anticipate a mixed performance in the coming week as both profit-taking activities and bargain hunting dominate trade.

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