Significant interests in banking stocks and market heavyweights, such as BUA Cements, 11 Plc, MTN Nigeria and Dangote Cements, rallied the Nigerian equities as the All-Share Index advanced by 5.6 per cent Week-on-Week (WoW), to settle at 25,204.75 points. Thus, the Month-to-Date (MtD) return increased to 9.5 per cent, as the Year-to-Date (YtD) loss moderated to -6.1 per cent.
Performance across all sectors was positive, reflecting the positive performance in the market across board as the Industrial Goods index led the return chart with 15.5 per cent increase, followed by the banking index with 7.2 per cent appreciation, while Oil and Gas index advanced by4.9 per cent; just as the Insurance index gained two per cent and Consumer Goods index increased by 0.9 per cent.
Experts however cautioned investors while noting that risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions.
“Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks,” analysts at Cordros said.
Over the week under review, a total turnover of 1.718 billion shares worth N18.849 billion in 26,367 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE), in contrast to a total of 926.418 million shares valued at N9.768 billion that exchanged hands in 20,910 deals in the preceding week.
The Financial Services industry (measured by volume) led the activity chart with 1.273 billion shares valued at N11.362 billion traded in 13,808 deals; thus contributing 74.08 per cent and 60.28 per cent to the total equity turnover volume and value respectively. The Industrial Goods industry followed with 102.377 million shares worth N3.194 billion in 2,956 deals. The third place was the Healthcare industry, with a turnover of 99.620 million shares worth N493.348 million in 1,194 deals.
Measured by volume, Zenith Bank Plc, Access Bank and FBN Holdings Plc shares were traded most. They accounted for 673.104 million shares worth N6.803 billion in 5,927 deals, contributing 39.18 per cent and 36.09 per cent to the total equity turnover volume and value respectively.
55 equities appreciated in price during the week, higher than 32 equities in the previous week. Eight equities depreciated in price, lower than 28 equities in the previous week, while 100 equities remained unchanged, lower than 103 equities recorded in the preceding week.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
South-West Attorney Generals Meet, To Harmonise Region’s Laws
The Attorney Generals of the six South-West states held their first virtual meeting since the coronavirus pandemic and deliberated on issues pertaining to the effective administration of justice in the region. The meeting which was facilitated by the Ekiti State Attorney General and Commissioner for Justice, Olawale Fapohunda… Read full story
COVID-19: Inter-State Lockdown Breaks Down
There is a brewing anxiety over apparent breakdown of the lockdown and restriction of interstate movement of non-essential persons and goods ordered by the Federal Government to curb the spread of coronavirus. The development has reportedly resulted in the spike of virus cases in some states, particularly Lagos and Ogun… Read full story
Anxiety Over Retirement Age For National Assembly Clerk, Others
MOVE by the Clerk of the National Assembly (CNA), Mohammed Sani-Omolori and certain senior officials to extend their service beyond the statutory 35 years may have hit the rocks, Sunday Tribune can authoritatively reveal. Investigations revealed that banking on a controversial amendment, ‘Retirement age and… Read full story
COVID-19 Fears: Buhari Bars Sallah Visitors From Villa
PRESIDENT Muhammadu Buhari has said that he will be obeying the directive of the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar that all Muslims in the country should observe Eid-el-Fitr prayers at home. He also asked politicians, religious leaders, top government officials and children not to visit him during the… Read full story
FG Pays April Allowances To N-Power Beneficiaries
The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development on Saturday disclosed that it has concluded payment of April stipends to all the N-Power beneficiaries across the country. The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar… Read full story
UK COVID-19 Deaths Rise To 36,675 After Another 282 Patients Die
Another 282 COVID-19 patients have died in Britain as of Friday afternoon, bringing the total coronavirus-related death toll in the country to 36,675, British Transport Secretary, Grant Shapps, said on Saturday. The figures include COVID-19 related deaths in all settings such as hospitals, care homes and the… Read full story
Develop Creative Industry For Stronger Economy, Chinese Envoy Advises FG
A Chinese envoy to Nigeria, Mr Li Xuda, told the Federal Government on Saturday to focus more on developing the creative industry to fortify Nigeria’s economy. Tribune Online reports that Xuda who is the Cultural Counsellor of the Embassy of the People’s Republic of China gave the advice at a zoom meeting… Read full story
Amaechi’s Theory Of Nigerian Politicians And Their Monkeys
AWAY from the ravages of COVID-19 and the dispiriting news of multiple infections and rising deaths, the interview granted by Nigeria’s Minister of Transportation, Rotimi Amaechi, to the Punch newspaper made an interesting reading. In the interview, Amaechi revealed a lot about himself, the nature of Nigerian politics… Read full story
Two Young Men Arrested By Amotekun For Allegedly Stealing Five Female Panties In Osun
Two men who specialised in stealing female panties for ritual purposes in Osun State were on Saturday, May 23, arrested after they were found with five female panties. The two men were arrested at the Kajola Ajaba community in the Ila Orangun area of the state by the newly-created security network in the state… Read full story
COVID-19: Saudi Arabia To Quarantine Banknotes, Coins Up To 20 Days
Saudi Arabia will quarantine banknotes and coins it receives from local and foreign sources for a period of 14 to 20 days as a precautionary measure to prevent the spread of the coronavirus, according to the Saudi Arabian Monetary Authority… Read full story