Local Stock Market Attracts N21.3bn in One Week

By Dipo Olowookere

The stock market in Nigeria attracted investments worth N21.3 billion last week on the back of a huge demand for financial stocks.

Equities in the sector impressed investors last week with dividends and this caused the bargain hunting witnessed in the space in the five-day trading week, especially on Stanbic IBTC, Union Bank and GTBank.

According to data obtained by Business Post from the Nigerian Stock Exchange (NSE), financial stocks accounted for 1.1 billion shares valued at N12.3 billion traded in 11,106 deals, contributing 71.67 per cent and 57.69 per cent to the total equity turnover volume and value respectively.

Consumer goods equities attracted 177.7 million units worth N3.6 billion in 3,139 deals, while conglomerate shares accounted for 99.6 million units valued at N216.997 million in 856 deals.

Trading in Union Bank, GTBank and Dangote Sugar accounted for 687.6 million shares worth N9.5 billion transacted in 3,022 deals, contributing 44.95 per cent and 44.56 per cent to the total trading volume and value respectively.

In the week, a total of 1.5 billion shares worth N21.3 billion were traded in 20,016 deals compared with the 2.3 billion shares valued at N19.3 billion transacted the preceding week in 20,173 deals.

It was observed that the increase in the level of participation of investors in the market propelled the 2.17 per cent growth achieved in the week, the first in seven weeks.

At the close of transactions, the All-Share Index (ASI) and market capitalisation increased to 39,216.20 points and N20.518 trillion respectively.

All other indices finished higher with the exception of NSE MERI Value and NSE Sovereign Bond Indices, which declined by 1.54 per cent and 0.13 per cent while the NSE ASeM, NSE AFR Div Yield and NSE Growth indices closed flat.

A summary of the price changes during the week showed that 48 equities appreciated in price, higher than 33 stocks in the previous week, while 18 shares depreciated in price, lower than 25 stocks of the prior week, with 96 equities closing flat, lower than the 104 shares of the preceding week.

Stanbic IBTC topped the gainer’s chart after its price rose by 30.00 per cent to settle at N52.00 and was trailed by Julius Berger, which gained 20.88 per cent to N20.55.

Guinness Nigeria appreciated by 18.58 per cent to N30.00, UAC Nigeria rose by 16.00 per cent to N8.70, while John Holt gained 15.22 per cent to close at 53 kobo.

On the flip side, Livestock Feeds was on top with a price depreciation of 15.46 per cent to close at N1.75 and was followed by Champion Breweries, which lost 13.11 per cent to settle at N2.12.

Japual depreciated by 12.24 per cent in the week to finish at 43 kobo, Jaiz Bank dropped 11.94 per cent to trade at 59 kobo, while MRS Oil Nigeria went down by 9.70 per cent to N12.10.