By Dipo Olowookere
Investments in Nigerian stocks last week waned N5.2 billion from N10.9 billion achieved in the preceding week. This was caused by the two-day holiday declared by the federal government in the week on Tuesday and Wednesday to mark Eid-el-Kabir.
Business Post reports that the market only opened for business for only three days and this affected the weekly turnover, which slumped to 896.2 million units from the previous week’s 1.0 billion units. Also, the number of deals depreciated last week to 11,714 deals from 17,297 deals.
It was observed that financial equities dominated the activity chart with 718.6 million units worth N3.0 billion traded in 6,223 deals, contributing 80.18 per cent and 57.48 per cent to the total trading volume and value respectively.
Consumer goods shares followed with 46.4 million units worth N948.5 million in 1,856 deals, while conglomerates stocks occupied the third spot with a turnover of 39.8 million units worth N207.1 million in 366 deals.
The analysis also showed that Jaiz Bank Plc, Sterling Bank Plc and Fidelity Bank Plc were the most individual stocks, trading 369.9 million units worth N385.5 million in 785 deals, contributing 41.27 per cent and 7.36 per cent to the total trading volume and value respectively.
On the price movement chart, 43 equities appreciated in price during the week, higher than 29 equities in the previous week, while 16 equities depreciated in price, lower than 22 22 equities in the prior week, with 97 equities remaining unchanged, higher than 95 equities recorded in the preceding week.
Cutix was the best-performing stock for the week with a price appreciation of 32.51 per cent to sell at N4.81. Total Nigeria grew by 20.95 per cent to N203.20, Oando gained 20.67 per cent to trade at N3.97, United Capital appreciated by 13.08 per cent to N7.35, while Unity Bank improved by 12.96 per cent to 61 kobo.
Conversely, Smart Products Nigeria was the worst-performing stock last week as its value went down by 38.46 per cent to trade at 16 kobo.
Sovereign Trust Insurance depreciated by 12.12 per cent to 29 kobo, AIICO Insurance waned by 7.83 per cent to N1.06, Red Star Express declined by 4.76 per cent to N3.20, while Veritas Kapital Assurance dropped 4.00 per cent to 24 kobo.
As for the major market performance indicators, the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited appreciated by 1.90 per cent to close the week at 38,667.90 points and N20.147 trillion respectively.
Similarly, all other indices finished higher with the exception of insurance and ASeM indices which depreciated by 0.74 per cent and 0.31 per cent respectively, while the growth index closed flat.
Adedapo Adesanya