Investors Stake N11bn on UBA, Zenith Bank, Wapic Insurance Stocks

By Modupe Gbadeyanka

Last week, which was the first full trading week at the local stock market this year, almost N11 billion, precisely N10.9 billion, was spent on the shares of UBA, Zenith Bank and Wapic Insurance Plc by investors.

The three stocks were the most traded on the floor of the Nigerian Stock Exchange (NSE) during week, recording a total of 934.7 million units transacted in 7,194 deals, and contributing 34.84 percent and 33.46 percent to the total equity turnover volume and value respectively.

Data obtained by Business Post from the exchange revealed that the total turnover for the week was 2.7 billion shares worth N32.7 billion executed in 30,956 deals, higher than 2.3 billion equities valued at N21.7 billion traded in 14,906 deals the previous week.

By sector, the financial services industry led the activity chart with 2.0 billion shares valued at N18.6 billion traded in 18,876 deals, 75.87 percent and 56.95 percent to the total equity turnover volume and value respectively.

The conglomerates sector followed with 225.7 million shares worth N504.1 million in 1,217 deals, while the consumer goods trailed in third with a turnover of 123.4 million shares worth N3.1 billion in 3,403 deals.

A total of 51 stocks appreciated in price during the week, higher than 44 equities in the previous week, while 20 equities depreciated in price, lower than 24 equities in the previous week, while 92 equities remained unchanged, lower than 97 equities recorded in the preceding week.

Business Post reports that Dangote Cement was the highest price mover, rising by 21.13 percent to close at N172 per share, while UPDC Reit was the heaviest price decliner, going down by 18.60 percent to finish at N3.50 per unit.

The index movement indicated that last week, the All-Share Index (ASI) increased by 9.07 percent to finish at 29,415.39 points, while the market capitalisation broadly jumped by 16.55 percent to close at N15.175 trillion. All other indices finished higher with the exception of oil/gas index, which slightly depreciated by 0.04 percent and ASeM index, which closed flat.