MeCure Shares Soar by 60.73% in Five Days as Demand Rises

By Dipo Olowookere

Shares of MeCure Industries appreciated by 60.73 per cent last week on the floor of the Nigerian Exchange (NGX) Limited as investors began to see value in the company.

Business Post reports that in the week, the price of the stock closed at N9.21 per unit compared with the preceding week’s N5.73 per unit, leading the gainers’ chart of 59 members, higher than 54 of the preceding week.

On its part, Multiverse rose by 60.06 per cent to N5.81, Unity Bank improved by 57.26 per cent to N1.84, Secure Electronic Technology jumped by 52.78 per cent to 55 Kobo, and Deap Capital grew by 52.08 per cent to 73 Kobo.

On the flip side, 21 equities depreciated in price versus 30 equities in the earlier, with Thomas Wyatt losing 42.22 per cent to settle at N2.08. Ellah Lakes shed 10.05 per cent to finish at N3.40, Stanbic IBTC dropped 7.08 per cent to close at N65.00, Academy Press went down by 5.56 per cent to N1.70, and International Breweries also depreciated by 5.56 per cent to N4.25.

When trading activities ended for the week, the All-Share Index (ASI) and the market capitalisation gained 0.17 per cent to close at 71,230.48 points and N39.173 trillion, respectively.

Similarly, all other indices finished higher with the exception of NGX pension, NGX MERI Growth, consumer goods and Lotus II, which depreciated by 0.38 per cent, 1.15 per cent, 0.53 per cent and 0.02 per cent, respectively, while the ASeM, energy and sovereign bond indices closed flat.

A total turnover of 2.425 billion shares worth N22.665 billion in 33,230 deals exchanged hands in the week versus the 2.025 billion shares valued at N27.693 billion traded in 32,763 deals in the preceding week.

The financial services industry led the activity chart with 1.721 billion shares valued at N11.647 billion traded in 14,585 deals, contributing 71.00 per cent and 51.39 per cent to the total trading volume and value apiece.

The services space followed with 185.692 million shares worth N424.729 million in 2,816 deals, while the third place was the ICT sector, with a turnover of 139.865 million shares worth N4.440 billion in 2,971 deals.

Universal Insurance, Veritas Kapital Assurance and Unity Bank accounted for 809.400 million shares worth N492.625 million in 2,005 deals, contributing 33.38 per cent and 2.17 per cent to the total trading volume and value apiece.