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Apathy, as investors trade 30 securities

By on March 26, 2011

In a rare show of apathy to equities’ investment, investors have traded strongly in 30 out of over 100 securities listed on the floor of the Exchange. This was captured in the Businessday/Afrinvest 30 Index launched yesterday in Lagos. The index serves as a tool for measuring the performance of securities in the market, as well as enabling individual and corporate investors to know when to exit, and take positions in the market.

According to the index, 30 companies were selected across boards based on their impressive performance in recent times. The index stated that the companies were selected based on their current prices, market capitalisation, price movement history, earning per shares (EPS), and dividend yields. Out of these companies, 10 banks were able to pool together a market capitalization of N2.9trillion.The banks include Access Bank, Diamond Bank, Fidelity Bank, First Bank, First City Monument Bank, Guaranty Trust Bank, Skye Bank, Stanbic/IBTC Bank, United Bank for Africa, and Zenith Bank. Dangote Cement followed closely, providing a market capitalization of N1.9trillion.

Source : The Nation