Investors at the Nigerian Stock Exchange continue to trade cautiously amid the growing number of Covid-19 cases in the country as well as weak economic conditions.
They caution on the need seek trading opportunities only in fundamentally justified stocks.
Last week, the Nigerian equities market rallied on the back of significant interests in banking stocks and market heavyweights such as BUA CEMENT, MTNN and DANGCEM.
The All-Share Index advanced by 5.6% to settle at 25,204.75 points.
Meanwhile, a total turnover of 1.718 billion shares worth N18.849 billion in 26,367 transactions were traded by investors in contrast to a total of 926.418 million shares valued at N9.768 billion that exchanged hands the previous week in 20,910 deals.
The Financial Services industry led the activity chart with 1.273 billion shares valued at N11.362 billion traded in 13,808 deals, contributing 74.08% and 60.28% to the total equity turnover volume and value respectively.
Trading in the Top Three Equities namely Zenith Bank Plc, Access Bank and FBN Holdings Plc. (measured by volume) accounted for 673.104 million shares worth N6.803 billion in 5,927 deals, contributing 39.18% and 36.09% to the total equity turnover volume and value respectively.
Thus, the MTD return increased to 9.5%, as the YTD loss moderated to -6.1%. Performance across all sectors were positive, reflecting the positive performance in the market.
The Industrial Goods led the return chart by 15.5%, followed by the Banking Sector with 7.2%, and Oil and Gas 4.9%. The Insurance sector followed by 2.0%, and Consumer Goods with 0.9% indices.