NSE records drop in volume of traded shares

The total volume of shares traded on the Nigerian Stock Exchange depreciated marginally at the close of business last week.According to the Exchange, a turnover of 1.224 billion shares, worth N10.42bn, was recorded in 16,897 deals last week, contrasting with 1.235 billion shares valued at N9.36bn exchanged in 16,529 transactions during the preceding week.The NSE, in its weekly report, said the Financial Services sector accounted for 1.06 billion shares valued at N6.81bn traded in 10,066 deals.The banking sub-sector was the most active during the week, measured by turnover volume. Investors in the sub-sector exchanged 890.55 million shares worth N6.7bn in 9,359 transactions.Volume in the banking sub-sector was largely driven by activities in the shares ofZenith Bank Plc, Guaranty Trust Bank Plc, First Bank of Nigeria Plc and United Bank for Africa Plc.Trading in the shares of the four banks accounted for 555.1 million shares, representing 62.33 per cent and 45.3 per cent of the sub-sectors turnover and total volume traded during the week, respectively.The insurance sub-sector, boosted by activities in the shares of Mutual Benefits Assurance Plc and Goldlink Insurance Plc, followed on the weeks activity chart with a sub-sector turnover of 166.5 million shares valued at N104.32m traded in 690 deals.In the preceding week, the banking sub-sector led on the activity chart, and was followed by the Beverages - Brewers/Distillers sub-sector.The Exchange noted that there were no transactions executed through the stock market in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.The NSEs All Share Index depreciated by 158.77 points or 0.8 per cent to close on Friday at 19,963.37 points, while the market capitalisation of listed equities declined to N6.28tn.Also, the NSE 30 Index depreciated by 8.57 points or one per cent to close at 888.59 points. In the preceding week, the NSEs ASI and NSE-30 indices had depreciated by 0.9 per cent and one per cent, respectively.A total of 27 equities appreciated in price during the week under review, higher than 20 of the preceding week. Guinness Nigeria Plc led on the gainers table with a gain of N3.01 or 1.5 per cent to close at N205.01 per share.On the other hand, 39 stocks depreciated in price, lower than the 44 of the preceding week. Mobil Oil Nigeria Plc led on the price losers table, dropping by N7.05 or five per cent to close at N133.95 per share.
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