Experts in the Nigerian Capital Market have advised investors on the need to be cautious in their investment decisions by seeking trading opportunities in only fundamentally justified stocks in view of increasing number of COVID-19 cases in the Country as well as seemingly prevailing weak economic conditions in the economy.
Last week, a total turnover of 1.072 billion shares worth N7.384 billion exchanged in 16,684 transactions were traded by investors on the trading floor of the Exchange, in contrast to a total of 950.414 million shares valued at N10.123 billion traded the previous week in 16,647 transactions.
The Financial Services industry measured by volume led the activity chart with 586.761 million shares valued at N4.022 billion traded in 8,483 transactions contributing 54.76% and 54.47% to the total equity turnover volume and value respectively.
The Conglomerates industry followed with 307.744 million shares worth N799.159 million in 1,010 deals. The third place was the Consumer Goods industry, with a turnover of 50.170 million shares worth N968.272 million in 3,018 deals. Trading in the top three equities namely Transnational Corporation of Nigeria Plc, UACN Plc and United Bank for Africa Plc. (measured by volume) accounted for 396.337 million shares worth N1.373 billion in 1,845 deals, contributing 36.99% and 18.59% to the total equity turnover volume and value respectively.
Meanwhile, twenty-nine stocks appreciated in price during the week, lower than thirty-one in the previous week. And thirty-six equities featured in the negative territory compared to twenty-seven in the previous week. However, ninety-eight equities remained unchanged.