By Dipo Olowookere
Investment in Nigerian equities last week waned by N22.2 billion or 64.2 per cent to N12.4 billion from N34.6 billion in the previous week as only 1.4 billion stocks were traded by investors in 23,987 deals in contrast to the 3.0 billion stocks transacted a week earlier in 25,932 deals.
Business Post observed that the decline in the level of activity was likely due to the decisions of traders to trade cautiously and only enter the market when it is really necessary.
In the past weeks, the Nigerian Exchange (NGX) Limited was busy when investors observed that the shares of FBN Holdings and Honeywell Flour were getting the attention of moneybags and this spurred the retail guys to quickly take position and this resulted in a significant increase in the volume of transactions.
Now that this seems to have rested, the market is back to its initial state of rest before an external force acted on it.
Last week, most of the trades witnessed at the market were around the financial services sector, leading the activity chart with 1.0 billion shares valued at N8.0 billion traded in 12,208 deals, contributing 70.75 per cent and 64.60 per cent to the total trading volume and value respectively.
The conglomerates industry followed with 94.7 million shares worth N207.8 million in 878 deals, while the third place was consumer goods counter with a turnover of 62.8 million shares worth N1.3 billion in 3,814 deals.
FBN Holdings, Sterling Bank and UBA were the most traded stocks in the week, recording a total turnover of 402.9 million shares worth N3.1 billion in 3,208 deals, contributing 28.22 per cent and 24.76 per cent to the total trading volume and value respectively.
Regency Assurance was the best-performing stock for the week, appreciating by 18.92 per cent to 44 kobo. Multiverse grew by 10.00 per cent to 22 kobo, SCOA Nigeria rose by 9.47 per cent to N1.04, Wema Bank chalked up 8.64 per cent to trade at 88 kobo, while Fidson gained 6.34 per cent to sell for N6.54.
Conversely, Eterna was the worst-performing stock last week as it depreciated by 15.49 per cent to quote at N7.31. Unilever Nigeria dropped 14.42 per cent to sell for N13.35, Courtville went down by 11.36 per cent to 39 kobo, NGX Group declined by 11.25 per cent to N17.75, while Cutix decreased by 10.32 per cent to N5.65.
At the close of business for the week, a total of 23 equities were on the gainers’ chart in contrast to the 47
equities on the chart a week earlier, while 43 equities were on the losers’ table compared with the 25 equities in the previous week, with 90 equities closing flat as against the 84 equities in the preceding week.
As for the key performance indicators, the All-Share Index (ASI) and the market capitalisation, they fell by 0.06 per cent in the week to 42,014.50 points and N21.926 trillion respectively.
All other indices finished lower with the exception of main board, insurance, MERI growth, lotus II and industrial goods indices, which appreciated by 0.32 per cent, 0.99 per cent, 0.09 per cent, 0.15 per cent and 0.88 per cent respectively, while the ASeM index closed flat.
Adedapo Adesanya