Two bank stocks – Access Bank and Sterling Bank Plc –drove activities in the financial service sector of the Nigerian Exchange Limited (NGX) last week.
With the development, the financial sector maintained its dominance in volume terms with 859.019 million shares valued at N6.7 billion traded in 8,157 deals, contributing 78 per cent to the total equities turnover.
Specifically, trading in the top three equities namely Access Bank, Sterling Bank Plc and Transcorp accounted for 577.512 million shares worth N2.761 billion in 1, 132 deals, contributing 52.44 per cent to the total equity turnover volume.
Following the banking sector in volume terms last week was the conglomerate industry with 96.9 million shares worth N109.6 million in 425 deals. The oil and gas industry ranked third with a turnover of 40.9 million shares worth N367.1 million in 1,065 deals.
On the whole, a turnover of 1.1 billion shares worth N11.7 billion was exchanged in 15,697 deals by investors on the floor of the exchange, in contrast to a total of 1.4 billion units valued at N15.5 billion that changed hands in 19,025 deals on November 4, 2022.
Analysts attributed the lull to the recent CBN rate hikes, as well as uncertainties surrounding the 2023 general election, insecurity and exchange market problem among others.