Appetite for Nigerian Shares Wanes, Attract N42.677bn in One Week

May 20, 2024
nigerian shares

By Dipo Olowookere

The demand for Nigerian shares declined last week at the Nigerian Exchange (NGX) Limited, resulting in lower trading activity, according to data obtained by Business Post.

In the five-day trading week, the market posted a turnover of 1.652 billion equities worth N42.677 billion in 38,123 deals compared with the 2.187 billion equities valued at N50.667 billion traded in the previous week in 45,277 deals.

Custodian Investment, GTCO, and Access Holdings were the most active stocks of the week, trading 500.343 million units worth N11.768 billion in 6,551 deals, contributing 30.29 per cent and 27.57 per cent to the total trading volume and value, respectively.

It was observed that the financial services space led the activity chart with 979.479 million shares valued at N16.647 billion in 20,708 deals; contributing 59.30 per cent and 39.01 per cent to the total trading volume and value, respectively.

The conglomerates counter followed with 239.825 million stocks worth N2.879 billion in 2,178 deals, and the third place was the consumer goods sector with the sale of 148.685 million equities for N3.525 billion carried out in 4,757 deals.

Further analysis indicated that 28 stocks appreciated versus 40 stocks of the preceding week, 51 shares depreciated versus 37 shares in the previous week, and 76 equities remained flat versus 77 equities in the previous week.

International Energy Insurance gained 11.49 per cent to close at N1.65, McNichols rose by 9.89 to N1.00, Custodian Investment jumped by 9.68 per cent to N10.20, Julius Berger expanded by 9/53 per cent to N79.30, and Airtel Africa increased by 8.97 per cent to N2,150.

Conversely, PZ Cussons lost 22.16 per cent to settle at N21.60, NEM Insurance declined by 18.32 per cent to 11.15, UBA shed 17.23 per cent to N21.85, and The Initiates deflated by 15.22 per cent to N1.95.

When trading activities ended for the week, the All-Share Index (ASI) and the market capitalisation depreciated by 0.11 per cent and 0.10 per cent to 98,125.73 points and N55.508 trillion, respectively.

Similarly, all other indices finished lower apart from the Main Board, Lotus II, industrial goods and pension broad which appreciated by 0.97 per cent, 0.58 per cent, 0.01 per cent and 0.12 per cent while the ASeM and sovereign bond indices closed flat.

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]

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