Dipo Olowookere
By Dipo Olowookere
One of the healthcare shares on the Nigerian Stock Exchange (NSE), Neimeth International Pharmaceuticals Plc, seems to have ended its honeymoon at the market.
The stock, which has enjoyed a geometric growth in the past few weeks, moving from 40 kobo per unit in March 2020 to N2.57 per share in June 2020, recording 542.5 percent appreciation in three months, led the losers’ chart of 47 members last week. In the previous week, the exchange reported 31 decliners.
Neimeth lost 40.08 percent or N1.03 per share to close for the week at N1.54 per unit after opening at N2.57 per share. The reason for the decline was because investors were booking profit and this watered down its value at the market.
NPF Microfinance Bank followed with a loss of 25.13 percent to sell at N1.40 per unit, with Prestige Assurance falling by 18.57 percent to trade at 57 kobo per share.
In addition, AIICO Insurance declined by 15.25 percent to quote at N1.00 per share, while UAC Property went down by 12.50 percent to close at 91 kobo per unit.
In the week, there were 14 price risers, lower than the 37 of the preceding week, with Honeywell topping the chart with a 17.39 percent growth to finish at N1.08 per share.
Nestle Nigeria gained 10.00 percent to end at N1,094.50 per unit, Cutix also appreciated by 10.00 percent to sell at N1.76 per share, Red Star Express improved by 9.09 percent to N3.60 per unit, while Cornerstone Insurance grew by 7.84 percent to 55 kobo per unit.
Business Post reports that the All-Share Index (ASI) and market capitalisation both depreciated by in the week by 0.99 percent to close at 24,826.75 points and N12.951 trillion.
All other indices finished lower with the exception of the main board, NSE MERI Growth, consumer goods, NSE Lotus II and industrial goods indices, which appreciated by 1.00 percent, 1.42 percent, 1.81 percent, 1.01 percent and 2.24 percent respectively, while the ASeM counter closed flat.
On the activity log, a total turnover of 1.1 billion shares worth N10.1 billion exchanged hands in 19,576 deals in contrast to the 1.1 billion stocks valued at N9.9 billion traded a week earlier in 16,616 deals.
A breakdown down of the transactions showed that the financial services sector dominated the market with 736.3 million units worth N5.5 billion traded in 9,776 deals, contributing 70.13 percent and 54.04 percent to the total equity turnover volume and value respectively.
The conglomerates space followed with 69.5 million shares valued at N334.5 million in 471 deals, while the consumer goods industry occupied the third place with a turnover of 66.4 million shares worth N1.4 billion in 3,130 deals.
A further analysis revealed that GTBank, FBN Holdings and FCMB were the most attractive to market participants in the week.
The three financial stocks accounted for 316.3 million shares worth N3.4 billion traded in 2,983 deals, contributing 30.13 percent and 33.08 percent to the total equity turnover volume and value respectively.
