(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, 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.
Mr. Omordion
said 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.
Mr.
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.
Garba Kurfi,
the Managing Director, APT Securities and Funds Ltd., said 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.
Mr. Kurfi
said that the apex bank sustained intervention in foreign exchange had boosted
liquidity and confidence in the economy.
Mr. Kurfi
said that the market outlook for the new month remained mixed as less quarterly
and full year were expected.
He said the
economic recovery needed to be strengthened with the implementation of 2017
budget. (NAN)
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