Brand/Business
Investors on the Nigerian
Stock Exchange (NSE) exchanged 8.66 billion shares valued at N97. 08 billion
transacted in 89,911 in July, the News Agency of Nigeria (NAN) reports.
A monthly data obtained by
NAN from the NSE showed that the turnover increased by 12.32 per cent when
compared with 7.71 billion shares worth N77. 92 billion traded in 100,895 in
June.
The Financial Services
sector was the toast of investors with 7.45 billion shares valued at N68. 24
billion transacted in 51,991 deals.
United Bank for Africa
(UBA) was the most active in the sector having accounted for 2.96 billion
shares worth N28 billion in 5,814 deals.
It was trailed by FBN
Holdings with 597.61 million shares valued at N3.57 billion transacted in 7,816
deals.
A further breakdown of the
month’s activity chart indicated that conglomerates industry came third with a
turnover of 432.97 million shares worth N895.02 million in 4,249 deals.
Transcorp was the toast of
investors in the sector, accounting for 412.99 million shares valued at N601.78
million achieved in 3,276 deals, while UACN sold 17.11 million shares
worth N290.42 million in 833 deals.
Consumer Goods sector
traded 346.18 million shares worth N15.02 million in 14,083 deals.
Dangote Sugar Refinery was
the toast of investors in the sector with 64.94 million shares valued at
N606.24 in 1,156 deals and Dangote Flour Mills transacted 56.08 million shares
worth N291.27 million in 1,944 deals.
Oil and Gas sector trailed
with 124.08 million shares worth N3.56 billion exchanged in 8,407 deals.
Oando dominated activities
in the sector with a turnover of 87.56 million shares valued at N659.72 million
in 2,886 deals, while Eterna sold 13.12 million shares worth N49.49 million in
599 deals.
Also, the All-Share Index
during the period inched 2,730.27 points or 8.24 per cent to close at 35,847.75
against 33,117.48 achieved in June.
In the same vein, the market
capitalisation which opened at N11.452 trillion rose by N901 billion or 7.87
per cent to close at N12.353 trillion.
Commenting on the market
performance, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to
increased confidence of foreign and domestic investors on the strength of
improving economic and market fundamentals.
Omordion said that the
fundamentals were driven by the sustained intervention of the Central Bank of
Nigeria (CBN) in the nation’s foreign exchange market.
He said that the creation
of foreign exchange products, the import and export, small and medium-scale
enterprises windows among others helped to support the continued appreciation
of the Naira, thereby ensuring stable exchange rate.
Omordion, however, called
for urgent implementation of the Economic Recovery and Growth Plan (ERGP) to
complement CBN’s effort at boosting productivity to create employment and
sustain the ongoing recovery.
Malam Garba Kurfi, the
Managing Director, APT Securities and Funds Ltd., said that the seeming
positive data that supported the recovery move in the system for the past five
months would likely continue with sustained foreign exchange intervention.
Kurfi said that the apex
bank sustained intervention in foreign exchange had boosted liquidity and
confidence in the economy.
Kurfi said that the market
outlook for the new month remained mixed as less quarterly and full year were
expected.
He said that the economic
recovery needed to be strengthened with the implementation of 2017 budget.
Credit: NAN
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