Standard Insurance, Jaiz Bank, GTCO Account for 70% of Weekly Trading Volume

By Dipo Olowookere

Last week, the trio of Standard Insurance, Jaiz Bank, and Guaranty Trust Holding Company (GTCO) accounted for 70.00 per cent and 24.04 per cent of the total trading volume and value, respectively at the Nigerian Exchange (NGX) Limited.

Business Post reports that this was because investors transacted 3.951 billion shares of the three companies worth N7.947 billion in 1,839 deals in the trading week.

Data showed that in the five-day trading week, a total of 5.641 billion shares worth N33.052 billion exchanged hands in 42,006 deals compared with the 2.033 billion shares valued at N42.155 billion traded in 45,157 deals in the preceding week.

Financial stocks led the activity chart with 4.977 billion units sold for N17.877 billion in 19,064 deals, contributing 88.22 per cent and 54.09 per cent to the total trading volume and value, respectively.

Energy equities recorded a turnover of 179.469 million units worth N8.954 billion in 5,780 deals, and services shares posted 123.505 million units worth N525.417 million in 2,436 deals.

A total of 43 equities appreciated last week versus 39 equities in the previous week, 34 stocks depreciated versus 46 stocks a week earlier, and 74 shares remained unchanged versus 66 shares in the preceding week.

Cutix topped the losers’ chart after it fell by 37.37 per cent to N3.10, Dangote Cement lost 10.00 per cent to close at N532.00, The Initiates declined by 9.78 per cent to N2.03, Thomas Wyatt depreciated by 9.71 per cent to N1.58, and Beta Glass tumbled by 9.43 per cent to N48.00.

Conversely, RT Briscoe led the gainers’ group with 59.41 per cent appreciation to settle at N2.71, Tantalizers gained 54.55 per cent to quote at 68 Kobo, Oando expanded by 33.47 per cent to N47.85, Deap Capital improved by 30.23 per cent to 56 Kobo, and United Capital soared by 26.60 per cent to N19.75.

The week was marred with profit-taking, causing the All-Share Index (ASI) and the market capitalisation to crash by 1.162 per cent and 0.004 per cent to 95,973.45 points and N55.129 trillion, respectively.

In the same vein, all other indices closed lower apart from the Main Board, NGX CG, banking, insurance, AFR Bank Value, AFR Div Yield, MERI Growth, MERI Value and energy indices, which finished higher by 0.98 per cent, 0.17 per cent, 0.37 per cent, 1.90 per cent, 0.47 per cent, 6.31 per cent, 3.94 per cent, 0.38 per cent and 3.54 per cent, respectively, while the ASeM index closed flat.