CWG Stocks Attract Investors, Surge 56.82% in One Week

By Dipo Olowookere

CWG stocks were attractive to investors on the floor of the Nigerian Exchange (NGX) Limited last week, resulting in their value rising by 56.82 per cent each, closing at N2.07.

It topped the price gainers’ chart of 48 members, lower than the 51 stocks on the same chart in the preceding week, with Ardova gaining 37.50 per cent to N26.20. Transcorp appreciated by 33.51 per cent to N2.59, Multiverse rose by 32.90 per cent to N4.12, and Sovereign Trust Insurance increased by 27.27 per cent to 42 Kobo.

On the flip side, C&I Leasing topped the losers’ log after its value went down by 19.60 per cent to N3.20, Access Holding lost 12.00 per cent to trade at N9.90, Royal Exchange depreciated by 11.48 per cent to 54 Kobo, Sunu Assurances depleted by 9.26 per cent to 49 Kobo, and BUA Cement fell by 8.02 per cent.

At the close of transactions in the week, 30 equities depreciated in price, higher than 26 equities in the previous week.

It was observed that profit-taking overwhelmed the stock market, leading the All-Share Index (ASI) and the market capitalisation to shrink by 0.48 per cent to 52,214.62 points and N28.431 trillion, respectively.

All other indices finished higher except the NGX Main Board, NGX 30, banking, NGX AFR Bank Value, NGX MERI Value, industrial goods, and sovereign bond, which depreciated by 0.85 per cent, 0.12 per cent, 0.99 per cent, 1.45 per cent, 1.11 per cent, 3.36 per cent and 4.83 per cent, respectively while the ASeM index closed flat.

In the week, investors transacted 3.602 billion shares worth N36.451 billion in 27,801 deals, in contrast to the 2.973 billion shares valued at N22.828 billion traded in 23,765 deals a week earlier.

Financial shares topped the activity chart with 3.150 billion units valued at N27.484 billion traded in 14,987 deals, contributing 87.47 per cent and 75.40 per cent to the total trading volume and value, respectively.

Conglomerates equities trailed recorded a turnover of 99.394 million units worth N219.455 million in 901 deals, and consumer goods stocks posted the sale of 87.434 million units worth N1.628 billion in 3,768 deals.

Fidelity Bank, Access Holdings, and FBN Holdings were the most actively traded stocks, with the sale of 2.167 billion units valued at N18.650 billion in 5,083 deals, contributing 60.17 per cent and 51.16 per cent to the total trading volume and value, respectively.