Ecobank Emerges as Best-performing Stock of the Week

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further closed on a positive note last week, with the All-Share Index (ASI) rising by 0.55 per cent to 46,205.05 points and the market capitalisation appreciating by 0.54 per cent to N24.898 trillion.

However, all other indices finished lower with the exception of main board, banking, AFR Bank Value, AFR Div Yield, Meri Growth, consumer goods and oil/gas indices, which appreciated by 3.87 per cent, 4.84 per cent, 0.35 per cent, 1.65 per cent, 1.17 per cent, 2.04 per cent and 3.53 per cent respectively, while the ASem, and growth indices closed flat.

Business Post reports that 44 44 equities appreciated in price during the week, lower than 47 equities in the previous week, while 33 equities depreciated in price, higher than 23 equities in the previous week, with 79 equities closing flat, lower than 86 equities recorded in the previous week.

Ecobank was the best-performing stock with a growth of 44.75 per cent to close at N13.10. Academy Press rose by 42.42 per cent to 94 kobo.

Courteville grew by 30.43 per cent to 60 kobo, International Breweries appreciated by 18.00 per cent to N5.90, while Guinness Nigeria improved by 13.98 per cent to N48.10.

The worst-performing stock in the week was C&I Leasing as its share price went down by 10.00 per cent to N3.78, University Press fell by 9.86 per cent to N2.65, Prestige Assurance declined by 9.80 per cent to 46 kobo, Linkage Assurance depreciated by 8.93 per cent to 51 kobo, while Dangote Cement decreased by 8.53 per cent to N260.60.

During the week, investors traded a total of 1.5 billion shares worth N19.1 billion in 22,557 deals compared with the 1.9 billion shares valued at N47.5 billion traded in 20,861 deals of the preceding week.

The financial service sector led the activity chart with 793.1 million shares valued at N8.2 billion traded in 10,947 deals, contributing 54.77 per cent and 42.72 per cent to the total equity turnover volume and value respectively.

The ICT industry followed with 215.5 million shares worth N3.7 billion in 1,468 deals, while the third place was the conglomerates sector with a turnover of 98.3 million shares worth N190.3 million in 889 deals.

Guaranty Trust Holding Company (GTCO), Courteville and Chams accounted for 308.1 million shares worth N2.9 billion in 2,225 deals, contributing 21.27 per cent and 15.05 per cent to the total equity turnover volume and value respectively.