GTCO, UBA, Zenith contribute N25% to NGX turnover

THE financial service industry ( measured by volume) closed higher at the end of last week's transactions on the Nigerian Exchange Limited ( NGX).

It led the activity chart with 732.418 million shares valued at N7.213 billion traded in 9,131 deals, thus contributing 72.62 per cent to the total equity turnover.

Following the financial sector last week were the conglomerates with 52.931 million shares worth N170.271 million in 656 deals.

The ICT industry ranked third with a turnover of 52.716 million shares worth N1.806 billion in 701 deals.

Trading in the top three equities namely Guaranty Trust Holding Company ( GTCO) Plc, United Bank for Africa ( UBA) Plc and Zenith Bank Plc ( measured by volume) accounted for 261.741 million shares worth N5.813 billion in 3,498 deals, contributing 25.95 per cent to the total equity turnover.

Consequently, a turnover of 1.008 billion shares worth N10.923 billion was recorded in 17,297 deals by investors on the floor of the exchange, in contrast to a total of 1.348 billion units valued at N12.14 billion that changed hands in 21,581 deals during the preceding week.

With the bourse recording the second consecutive week of bearish sentiments, the allshare index ( ASI) and market capitalisation depreciated by 0.12 per cent to close the week at 37,947.18 and N19.771 trillion respectively.

All other indices finished lower except NGX Banking, NGX AFR Div Yield, NGX MERI Growth, NGX Oil/ Gas and NGX Sovereign Bond indices which appreciated by 0.09 per cent, 0.32 per cent, 0.15 per cent, 1.81 per cent and 0.64 per cent respectively, while the NGX Premium, NGX ASEM and NGX Growth indices closed flat.

The Chief Executive Officer of Investdata Consulting, Ambrose Omordion said: "Selloff and profit booking persisted ahead of inflation data and monetary policy meeting outcome as consumer price index had recently slid for two consecutive months in the face of a weak economic recovery.