Stock market appreciates by 4.45% in one week

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation appreciated by 4.45percent to close the week ended May 8 at 24,045.40 points and N12.531 trillion respectively.

All other indices finished higher in the review trading week with the exception of NSE ASeM, which depreciated by 0.1percent.

Liquidity level will continue to play major role in the direction of the stock market in the short term to medium term.

With the gains recorded in most counters in the review trading week, analysts envisage profit taking at the beginning of a new week before the market stabilises by mid-week.

Interestingly, prices of most fundamentally sound stocks remain good for investors to take position for a medium to long term tenure.

The market recorded total turnover of 1.662 billion shares worth N18.205 billion in 28,791 deals in contrast to a total of 1.012 billion shares valued at N9.892 billion that exchanged hands the preceding week in 17,023 deals.

The Financial Services industry (measured by volume) led the activity chart with 1.385 billion shares valued at N11.813 billion traded in 17,117 deals; thus contributing 83.35percent and 64.89percent to the total equity turnover volume and value respectively.

The Services industry followed with 53.551 million shares worth N128.065 million in 1,003 deals and the Consumer Goods industry, with a turnover of 53.444 million shares worth N2.780 billion in 3,607 deals.

Trading in the Top Three Equities namely, FBN Holdings Plc, Guaranty Trust Bank and Zenith Bank Plc. (measured by volume) accounted for 774.294 million shares worth N9.796 billion in 7,516 deals, contributing 46.59percent and 53.81percent to the total equity turnover volume and value respectively.

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By Hope Moses-Ashike • May 8, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.