Nigerian stocks’ turnover hits record high, up by 1,216%

Nigeria’s stock market resumed the week on a positive note, as the total turnover of stocks traded by investors rose to 508.57 million shares, worth N32.1bn in 2,438.15 deals.

The turnover stocks, highest since the beginning of the year, rose by 1,216.61 per cent in contrast to a total of 262.51 million shares valued at N2.44bn in 3,525 deals that exchanged hands last Friday, April 16.

At the close of Monday’s trading, the All-Share Index rose by 0.12 per cent to close at 38,854.73 basis points.

Amid a sustained bargain hunting activity, the market capitalisation also rose by 0.12 per cent to close at N20.33tn.

The year-to-date loss of the ASI moderated to -3.51 per cent as 18 stocks traded up against 12 that declined.

Investors at the close of the day’s trading gained N24.37bn.

Buying pressure on stocks such as UAC of Nigeria, MTN Nigeria Communications, United Bank for Africa, Zenith Bank and AXA Mansard Insurance lifted their share prices by 8.50 per cent, 0.18 per cent, 1.44 per cent, 0.70 per cent, and 1.11 per cent respectively.

Sectoral performance was positive as three out of the five indices tracked closed northwards. These were the banking, insurance and consumer goods indices which rose by 0.30 per cent, 0.40 per cent and 0.10 per cent respectively.

While the oil and gas index moderated by 0.20 per cent, the industrial index closed flat.