Equities trading on the Nigerian Stock Exchange (NSE) gained weight at the close of the week as new directions were given by the Central Bank of Nigeria (CBN) on flexible exchange rate.
The NSE All-Share Index and Market Capitalisation appreciated by 7.40 per cent to close the week at 29,247.27 and N10.045 trillion respectively.
Market Operators had urged the Central Bank of Bank (CBN) to urgently deploy structures that would help drive the policy of introducing flexibility in the interbank foreign exchange (Forex) market to stimulate the economy and trigger activities in the stock market.
In response to the release of the guidelines of foreign exchange policy, all Indices finished higher during the week, with the exception of the NSE ASeM Index, that declined by 0.17 per cent.
44 equities appreciated in price during the week, higher than 27 equities of the previous week. 24 equities depreciated in price, lower than 41 equities of the previous week, while 112 equities remained unchanged equal to that of the previous week.
A turnover of 2.158 billion shares worth N20.394 billion in 24,369 deals were traded by investors on the floor of the Exchange in contrast to a total of 959.917 million shares valued at N7.871 billion that exchanged hands last week in 17,561 deals.
Trading in the Top Three Equities namely were United Bank For Africa Plc, FBN Holdings Plc and Zenith International Bank Plc, (measured by volume) accounted for 1.001 billion shares worth N6.778 billion in 7,153 deals, contributing 46.37 per cent and 33.23 per cent to the total equity turnover volume and value respectively.
The Financial Services Industry, measured by volume, led the activity chart with 1.939 billion shares valued at N12.393 billion traded in 16,023 deals; thus contributing 89.85 per cent and 60.77 per cent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 77.415 million shares worth N4.747 billion in 3,489 deals. The third place was occupied by the Conglomerates Industry with a turnover of 74.437 million shares worth N412.717 million in 1,018 deals.
Also traded during the week were a total of 519,199 units of Exchange Traded Products (ETPs) valued at N6.582 million executed in 42 deals, compared with a total of 78,666 units valued at N866,656.30 transacted last week in 25 deals.
A total of 4,170 units of Federal Government Bonds valued at N4.413 million were traded in three deals compared to a total of 4,725 units of Federal Government Bonds valued at N5.266 million transacted in the preceding week in three deals.
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