Share Price of Meyer Surges 56.94% in One Week

By Dipo Olowookere

The share price of Meyer Plc witnessed an appreciation of 56.94 per cent last week on the floor of the Nigerian Exchange (NGX) Limited, closing at N1.13 compared with the 72 kobo it traded a week earlier.

It was one of the 33 stocks that appreciated in price in the week, higher than the 20 stocks that grew in value in the previous week.

Other price gainers in the five-day trading week were Regency Assurance, which rose by 19.35 per cent to 37 kobo; Conoil, which expanded by 16.85 per cent to N26.00; NAHCO, which jumped by 16.55 per cent to N5.00; and Wema Bank, which increased by 14.81 per cent to N3.10.

In the same week, the exchange posted 33 price losers, lower than the 50 price losers of the preceding week, with NPF Microfinance Bank losing 16.06 per cent to sell for N2.09. UACN fell by 13.68 per cent to N10.10, Royal Exchange dropped 12.84 per cent to 95 kobo, CWG depleted by 9.26 per cent to 98 kobo, while Cornerstone Insurance declined by 9.09 per cent to 60 kobo.

According to data obtained by Business Post from the NGX, a total of 92 equities remained unchanged last week, higher than 86 equities recorded in the previous week.

It was observed that the bears dominated the bourse last week as the All-Share Index (ASI) and the market capitalisation depreciated by 0.45 per cent to close the week at 46,631.46 points and N25.139 trillion respectively.

All other indices finished higher with the exception of NGX 30, insurance, consumer goods, Lotus II, industrial goods, and sovereign bond indices, which depreciated by 0.43 per cent, 0.21 per cent, 0.35 per cent, 1.40 per cent, 0.42 per cent and 0.05 per cent respectively, while the Asem and growth indices closed flat.

As for the level of transactions, it was lower as investors traded 1.137 billion shares worth N10.812 billion in 23,471 deals as against the 1.289 billion shares worth N13.546 billion transacted in 22,118 deals a week earlier.

Financial stocks dominated the trading with the sale of 798.3 million units valued at N6.7 billion in 12,904, accounting for 70.23 per cent and 62.26 per cent of the total trading volume and value respectively.

Conglomerates stocks followed with 155.2 million units worth N229.0 million in 917 deals, while consumer goods equities occupied third place with 45.3 million units worth N1.0 billion in 2,819 deals.

The three most traded stocks in the week were Fidelity Bank, Transcorp and Zenith Bank, which accounted for 454.8 million units worth N2.6 billion in 4,587 deals, contributing 40.01 per cent and 23.60 per cent to the total equity turnover volume and value respectively.