By Dipo Olowookere
The local stock market struggled last week as investors’ appetite for the asset class waned due to high inflation, which equities have been unable to close the gap on.
Data from the Nigerian Exchange (NGX) Limited showed that in the four-day trading week, the All-Share Index (ASI) depreciated by 3.41 per cent to close at 47,351.43 points, while market capitalisation decreased by 2.50 per cent to settle at N25.791 trillion.
Similarly, all other indices finished lower except ASeM, growth and sovereign bond indices which closed flat.
Business Post reports that investor sentiment was weak as the market breadth closed negative with 11 price gainers and 46 price losers. In the previous week, the shares on the green side were 25 and on the red side were 33. However, 100 equities closed flat in contrast to the 98 equities recorded in the previous week.
NASCON lost 13.64 per cent to trade at N9.50, Cornerstone Insurance depreciated by 10.71 per cent to 50 Kobo, while the trio of Neimeth, May & Baker and Airtel Africa fell by 10.00 per cent each to close at N1.26, N3.69, and N1,800.00, respectively.
On the flip side, Multiverse recorded the highest increase, 21.95 per cent, to close at N4.50. Geregu Power improved by 20.90 per cent to N120.90, Livestock Feeds rose by 11.76 per cent to N1.14, Cutix jumped by 5.88 per cent to N2.16, while AIICO Insurance expanded by 5.77 per cent to sell for N55 kobo.
The exchange opened its doors to traders for only four days last week due to the Independence Day holiday observed last Monday.
The most active stocks were GTCO, Sterling Bank and Zenith Bank, transacting 239.637 million units worth N3.546 billion in 4,375 deals, contributing 40.83 per cent and 40.13 per cent to the total trading volume and value, respectively.
By sector, the financial services industry led the activity chart by volume, with 393.814 million shares valued at N4.660 billion traded in 9,168 deals, contributing 67.1 per cent and 52.73 per cent to the total trading volume and value, respectively. The ICT space followed with 48.178 million shares worth N1.203 billion in 1,294 deals, while the third place was the conglomerates’ sector, with a turnover of 40.135 million shares worth N44.406 million in 513 deals.
When the bourse finished for the week last Friday, investors traded 586.939 million shares worth N8.837 billion in 17,183 deals, lower than the 1.005 billion shares valued at N10.406 billion traded in 17,844 deals a week earlier.
