Again, Weekly Investment Into Nigerian Stock Market Wanes

February 19, 2024
Nigerian market stocks

By Dipo Olowookere

For the second straight week, the Nigerian stock market witnessed a decline in the value of transactions as other asset classes continued to attract more attention from investors.

Last week, traders transacted 1.559 billion shares worth N36.497 billion in 42,546 deals versus the 2.478 billion shares worth N47.856 billion traded in 54,982 deals in the preceding week.

A breakdown indicated that financial stock dominated the trading on the floor of the Nigerian Exchange (NGX) Limited, selling 1.127 billion units valued at N18.908 billion in 19,424 deals, contributing 72.27 per cent and 51.81 per cent to the total trading volume and value, respectively.

Conglomerates equities followed with 117.400 million units worth N1.508 billion in 2,775 deals, and consumer goods shares recorded the sale of 98.422 million units worth N4.008 billion in 6,322 deals.

UBA, FBN Holdings and GTCO accounted for 389.286 million shares worth N11.757 billion in 5,372 deals, contributing 24.96 per cent and 32.21 per cent to the total trading volume and value, respectively.

In the week, the All-Share Index (ASI) and the market capitalisation appreciated by 3.79% to 105,722.78 points and N57.850 trillion apiece.

Similarly, all other indices finished higher except the NGX CG, banking, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Growth, industrial goods, growth and Sovereign Bond, which fell by 0.18 per cent, 1.34 per cent, 3.32 per cent, 0.32 per cent, 3.43, 1.83 per cent, 6.50 per cent and 0.02 per cent, respectively.

Business Post reports that 35 equities gained in the week versus the 20 equities posted in the previous week, 51 shares lost weight versus 68 shares of the preceding week, and 68 stocks remained unchanged versus 66 stocks recorded in the previous week.

Juli topped the advancers’ chart after it rose by 45.54 per cent to N1.47, Geregu Power expanded by 33.30 per cent to N901.00, BUA Foods increased by 20.82 per cent to N357.50, Royal Exchange chalked up 20.00 per cent to trade at 84 Kobo, and DAAR Communications surged by 17.39 per cent to 81 Kobo.

However, Meyer topped the laggards’ table after it lost 18.96 per cent to N5.60, Morison Industries slumped by 18.69 per cent to N2.48, Deap Capital deflated by 14.29 per cent to 60 kobo, Flour Mills crashed by 12.25 per cent to N35.10, and Unilever Nigeria declined by 10.81 per cent to N16.50.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

Previous Story

NACCIMA Wants Transparency in Use of Tax Revenues, Subsidy Removal Savings

African central banks Interest Rate Cut
Next Story

AfDB Advises African Central Banks to Consider Interest Rate Cut

Latest from Economy

Prop Trading FXCI

Prop Trading Success

In the fast-paced and competitive world of finance, the path to success in proprietary trading can often be elusive. However, by implementing a few

Don't Miss