Morison Manages 20% Weekly Gain in Depressed Stock Market

By Aduragbemi Omiyale

For those keenly following happenings in the Nigerian stock market, they will observe that things have not been too smooth this year.

The market has been struggling to replicate the sterling performance it put up from the second quarter of last year. Share prices have been depleting, no thanks to rising yields in the fixed income market, causing investors to divert their funds to the environment.

Last week, the Nigerian Stock Exchange (NSE) suffered a weekly loss of 1.18 per cent as the All-Share Index and market capitalisation depreciated to 39,331.61 points and N20.578 trillion respectively.

Similarly, all other indices finished lower with the exception of industrial goods and NSE Sovereign Bond indices, which appreciated by 1.39 per cent and 0.07 per cent while the ASeM index closed flat.

Business Post reports that in the week, only 14 stocks closed on the price gainers’ chart, lower than 20 stocks of the previous week.

Leading the chart was Morison Industries, which appreciated by 20.00 per cent to 66 kobo per share and was distantly followed by SAHCO, which gained 9.54 per cent to settle at N3.33 per share.

Unity Bank grew by 8.96 per cent to 73 kobo per share, BETA Glass gained 8.00 per cent to sell for N54.00 per share, while Lasaco Assurance appreciated by 5.69 per cent to N1.30 per share.

On the losers’ log, there were 71 members last week, higher than 43 in the previous week, with Champion Breweries taking the top spot after a 33.33 per cent decline in its share price to N1.68 per unit.

Japaul lost 28.99 per cent to trade at 49 kobo per share, Ardova declined by 25.21 per cent to N13.50 per share, Oando fell by 23.19 per cent to N2.65 per share, while NASCON dropped 19.00 per cent to trade at N13.00 per share.

Also in the week, a total of 77 equities remained unchanged, lower than 99 equities recorded in the previous week.

A look at the level of trading activities in the week showed that financial stock dominated with the sale of 1.6 billion units worth N10.7 billion executed in 13,269 deals, contributing 78.06 per cent and 36.06 per cent to the total trading volume and value respectively.

Shares in the consumer goods industry followed with 92.0 million units valued at N4.5 billion carried out in 4,168 deals, while the third place was energy equities with a turnover of 91.3 million units worth N10.5 billion transacted in 1,471 deals.

Wema Bank, Axa Mansard Insurance and Zenith Bank were the most active stock by volume with a turnover of 903.6 million units valued at N5.6 billion executed in 4,017 deals, contributing 43.19 per cent and 18.71 per cent to the total trading volume and value respectively.

At the close of transactions for the week last Friday, investors traded a total of 2.1 billion shares worth N29.7 billion in 24,238 deals as against the 1.9 billion shares worth N20.7 billion transacted in 24,687 deals a week earlier.