NGX Posts 3.27% W-o-W Loss, MTN Closes as Worst-Performing Stock

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited recorded a week-on-week loss of 3.27 per cent last week as a result of profit-taking, especially after the Central Bank of Nigeria (CBN) raised the interest rate to 22.75 per cent from 18.75 per cent to attract hot money and slow down inflation, which is almost at 30.0 per cent.

MTN Nigerian ended the trading week as the worst-performing stock after it shed 18.91 per cent to N200.70, and Sunu Assurances declined by 18.18 per cent to N1.71. Nestle Nigeria also dropped 18.18 per cent to sell at N900.00, CWG fell by 11.76 per cent to N6.00, and Eterna depreciated by 10.83 per cent to N15.65.

On the flip side, Juli finished the week as the best-performing stock after it gained 6.26 per cent to N3.75, PZ Cussons expanded by 27.36 per cent to N33.75, Sterling Holdings rose by 14.94 per cent to N5.00, Universal Insurance went up by 14.29 per cent to 40 Kobo, and Consolidated Hallmark surged by 12.00 per cent to N1.40.

In the week, 27 equities appreciated in price versus 14 equities of the preceding week, 54 stocks depreciated in price versus 66 stocks of the previous week, and 72 shares closed flat versus 74 shares of the earlier week.

A total turnover of 1.882 billion equities worth N34.149 billion exchanged hands in 48,464 deals during the five-day trading week, in contrast to the 1.377 billion equities valued at N31.584 billion transacted in 42,040 deals a week earlier.

The financial services industry led the activity chart with 1.275 billion stocks valued at N20.427 billion traded in 24,801 deals, contributing 67.78 per cent and 59.82 per cent to the total trading volume and value, respectively.

The conglomerates space followed with 227.237 million shares worth N2.972 billion in 3,351 deals, while the energy sector posted a turnover of 115.327 million stocks worth N746.959 million in 2,704 deals.

Transcorp, UBA, and Access Holdings were the busiest stocks in the week, accounting for 563.139 million units worth N10.155 billion in 9,270 deals, contributing 29.93 per cent and 29.74 per cent to the total trading volume and value, respectively.