Nigerian equity market appreciates 1.37% in Easter week

Despite the lockdown in the country over the coronavirus pandemic, the Nigerian equity market gained 1.37 per cent in the Easter week, driven by the banking sector, which appreciated 12.39 per cent.

The NSE All-Share Index and Market Capitalization were both up 1.37 per cent to close the week at 21,384.03 and N11.144 trillion respectively.

The Financial Services industry, which exchanged 2.182 billion shares valued at N11.107 billion traded in 11,322 deals, thereby leading activity chart in volume terms and thus contributing 89.42 per cent and 55.72 per cent to the total equity turnover volume and value respectively.

It was followed by the Industrial Goods sector with 102.769 million shares worth N3.633 billion in 2,483 deals.

All other indices finished higher apart from NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods which depreciated by 4.76 per cent, 2.65 per cent and 6.59 per cent while NSE ASeM Index closed flat.

Lafarge, which added 41.34 per cent, emerged top among the 35 equities appreciated in price during the week, higher than15 equities in the previous week, Ardova shed 18.48 per cent to 17 other decliners, compared to 36 equities which dipped last week.

A total turnover of 2.440 billion shares worth N19.932 billion in 18,918 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.534 billion shares valued at N11.267 billion that exchanged hands last week in 18,928 deals.

The third place was the Consumer Goods industry, with a turnover of 51.075 million shares worth N3.578 billion in 1,924 deals.

Trading in the Top Three Equities namely, Omoluabi Mortgage Bank, GTBank and FBN Holdings. (measured by volume) accounted for 1.702 billion shares worth N8.033 billion in 4,443 deals, contributing 69.76 per cent and 40.30 per cent   to the total equity turnover volume and value respectively.