ASHON links NSE recent growth to increased investors’ activities


nse5Mr Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON), on Monday attributed the recent growth in the capital market to increased activities of retail and institutional investors.

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Madubuike told the News Agency of Nigeria (NAN) in Lagos that the new confidence of investors in the market was noticeable in the equities market.

He said that renewed investor confidence was due to significant returns on investment by quoted companies.

Madubuike said that the new market strategies like market making, securities lending and investors’ clinic contributed to the market growth.

He advised local investors to take advantage of the new growth by increasing their stakes in the market.

Madubuike said that the new strong fundamentals posted by quoted companies and stable national economic policies would ensure that the market maintained the upbeat trend.

Meanwhile, investors last week traded 3.69 billion shares worth N29.08 billion in 28,386 deals against the 1.59 billion shares valued at N15.85 billion exchanged in 23,453 deals in the preceding week.

The Financial Services Sector emerged the most active on the activity chart with 2.11 billion shares worth N10.93 billion traded in 12,178 deals.

The Conglomerates accounted for 948.06 million shares valued at N4.76 billion in 3,713 deals.

Investors exchanged 318.70 shares in the oil and gas sector worth N5.37 billion in 4,901 deals.

NAN reports that Transcorp, Equity Assurance and UBA Capital were the most traded shares, accounting for 1.68 billion shares worth N5.14 billion achieved in 3,945 deals.

The NSE All-Share Index rose by 1362.52 points or 3.60 per cent to close at 39,246.05 against 37,883.53 achieved in the preceding week.

The market cpitalisation appreciated by N436 billion or 3.60 per cent to close at N12.553 trillion compared with N12.117 trillion posted in the preceding week.

Transcorp led the gainers’ table, appreciating by 61.71 per cent or N2.24 to close at N5.87 per share.

Eternal oil grew by 51.01 per cent or N1.51 to close at N4.47, while Livestock Feeds gained 39.57 per cent or N1.46 to close at N5.15 per share.

On the other hand, Costain topped the losers’ table, dropping 23.26 per cent or 20k to close at 66 per share.

Conoil lost 10.62 per cent of its share price or N8.07 to close at N67.93, while Presco declined by 7.89 per cent or N3 to close at N35 per share. (NAN)

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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