Alhaji Rasheed Yussuf, the immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), on Tuesday said that the nation’s bourse would experience increased activity after May 29 handover.
Yussuf told the News Agency of Nigeria (NAN) in Lagos that investors were waiting for the economic policy of the new administration to ascertain its economic direction.
He said the market had reacted positively to successful polls but at the moment was in anticipatory mood due to change in administration and likely change in economic policies.
Yussuf, also the Managing Director, Trust Yields Investment Ltd., said that investors had developed “wait and see’’ attitude to ascertain the economic blueprint of the incoming administration.
“Investors are being cautious to know what will be the economic blueprint of the new administration and its effect on oil price and Naira value among others,’’ he said.
Yussuf said that the market would continue to experience mixed performance till May 29, adding that it would stabilise if the incoming administration’s economic policies were favourable.
He, however, said that impressive 2014 audited and first quarter unaudited results would propel activities in the market.
NAN reports that a turnover of 1.92 billion shares worth N19.40 billion traded in 23,988 deals against the 3.51 billion shares valued N25.196 billion were exchanged in 26,836 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.53 billion shares worth N11.68 billion traded in 13,040 deals.
The Conglomerates sector followed with a turnover of 156.81 million shares worth N1.59 billion transacted in 1,695 deals.
The third place was occupied by the Consumer Goods sector with 107.34 million shares worth N3.816 billion in 3,983 deals.
The All-Share Index appreciated by 75.03 points or 0.21 per cent to close at 35,005.05 against the 34,930.02 achieved in the previous week.
Also, the market capitalisation appreciated by N25 billion or 0.21 per cent to close at N11.928 trillion compared with N11.903 trillion posted in the corresponding period.
Guinness Nigeria led the gainers’ table in percentage terms, growing by 21.43 per cent or N30 to close at N170 per share.
Vono Products followed with 18.82 per cent or 16k to close at N101, while livestock Feeds Plc appreciated by 14.54 per cent or 33k to close at N2.60 per share.
Nestle recorded the highest price loss in percentage terms, dropping by 9.97 per cent or N104.05 to close at N940 per share.
Royal Exchange Assurance trailed with a loss of 5.45 per cent or 3k to close at 52k, while Cement Company of Northern Nigeria Plc declined by 5.11 per cent or 60k to close at N11.14 per share. (NAN)
Source : Leadership