The Nigerian stock market recorded a turnover of 2.65 billion shares valued at N21.5 billion in 31,639 transactions through the week ended November 12, 2010. Of this volume, the banking subsector accounted for 32.60%; volume in the banking sector was mainly enhanced by transactions on the shares of United Bank for Africa Plc, Oceanic Bank, Zenith Bank Plc and Guaranty Trust Bank Plc. In all, the sector did 1.9 billion shares worth N13.45 billion in 16,158 transactions. Just like other weeks, the Insurance sector followed in the performance line with 271.5 million shares valued at N186.9 million exchanged by investors in 1,324 exchanges.
All Share Index of the Nigerian Stock Exchange (NSE ASI) closed up by 567.36 points or 2.33% from the opening figure of 24,800.47 to 25,367.83 points. Two black days and three bullish moves took the said indicator to its present trading point. At the end of the week, 60 stocks closed above their respective opening prices, 27 shed price while 116 resisted both the bull and bear’s forces and closed on a flat note. Meanwhile, advancing equities moved 2.138 billion shares same as 80.66% of market volume. Declining stocks did 168.59 million shares or 6.36 of market volume while unchanged equities accounted for the remaining 12.98% of the market volume. This indeed is a bullish market. Noteworthy is the fact that all stocks in the banking sector closed above their respective opening prices.
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