The Nigerian stock market was highly active last week as volume and value of trading rose by 762 per cent and 477 per cent respectively.
High trading in the shares of Wema Bank Plc Forte Oil Plc boosted trading volume and value to 7.476 billion shares worth N91.107 billion exchanged in 17,192 deals up from the 868.739 million shares valued at N15.792 billion in 12,201 deals the previous week.
However, the bearish trend was sustained as the Nigerian Stock Exchange (NSE) All-Share Index declined by 0.65 per cent to close lower at 29,851.29 while market capitalisation shed 59 per cent to be at N13.155 trillion.
This was the third consecutive decline the market is recording, thereby worsening the month-to-date and year-to-date to 3.39 per cent and 5.02 per cent in that order.
In terms of sectoral performance, the NSE Consumer Goods Index shed 1.6 per cent, followed by the NSE Industrial Goods Index that shed 1.5 per cent. On the positive side, the NSE Insurance Index led with 8.7 per cent, trailed by the NSE Banking Index with 2.6 per cent. The NSE Oil & Gas Index appreciated by 0.7 per cent.
Considering the fact that the decline recorded last week was lower than previous week’s and it was expected that the bulls would return to the market this week.
Commenting on the market performance, analysts at Cordros Capital Limited said: "We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term."
The capital market community last week explored opportunities in the Islamic finance in Nigeria. Decision-makers, regulators and investors came together in Lagos to exchange their views and experiences on those opportunities.
The forum featured a mix of panel sessions, onstage interviews and interactive sessions on a number of themes in Islamic finance including, Corporate Financing and Capital Raising in Nigeria; Funding Infrastructure and Social Welfare Requirements in West Africa and Islamic Finance, Investment, Banking and Takaful in Nigeria.
Speaking at the forum, the Chief Executive Officer, NSE, represented by the Divisional Head, Trading Business, NSE, Mr. Jude Chiemeka, applauded the federal government, the Debt Management Office, the Securities and Exchange Commission, the National Pension Commission for showing unwavering commitment to the deepening and growth of Islamic Finance in Nigeria.
"The Islamic finance sector presents numerous opportunities for enhancing […]