FBN Holdings, Transcorp, Fidelity Bank Contribute 34.14% to Weekly Trading Volume

By Dipo Olowookere

On the floor of the Nigerian Exchange (NGX) Limited last week, the trio of FBN Holdings, Transcorp, and Fidelity Bank contributed 34.14 per cent and 23.50 per cent to the trading volume and value, respectively, by transacting 576.688 million shares worth N6.911 billion in 3,524 deals.

In the week, investors bought and sold 1.689 billion equities valued at N29.407 billion in 29,477 deals compared with the 1.741 billion equities worth N25.087 billion traded in 30,652 deals in the preceding week.

It was observed that financial stocks dominated the market in the five-day trading week, transacting 1.166 billion units worth N16.925 billion in 13,819 deals, contributing 69.04 per cent and 57.55 per cent to the total trading volume and value apiece.

Conglomerates shares followed with 191.320 million units valued at N843.336 million in 1,829 deals, and energy equities traded 64.352 million units worth N810.637 million in 2,159 deals.

Business Post reports that the local bourse closed with 29 appreciating stocks and 56 depreciating stocks, while 70 stocks maintained stability. In the previous week, there were 41 price gainers and 44 price losers, while 70 equities closed flat.

Sunu Assurances topped the decliners’ chart after it shed 28.70 per cent to 82 Kobo, Guinea Insurance lost 25.64 per cent to trade at 29 Kobo, NEM Insurance dropped 10.00 per cent to N5.40, Unity Bank fell by 9.79 per cent to N1.29, and Eterna was trimmed by 9.39 per cent to N17.85.

On the flip side, CWG topped the advancers’ log after it grew by 25.83 per cent to N3.80, The Initiates went up by 23.40 per cent to N1.16, John Holt grew by 20.83 per cent to N1.45, Linkage Assurance expanded by 18.07 per cent to 98 Kobo, and Prestige Assurance rose by 17.39 per cent to 54 Kobo.

Last week, the stock exchange was under selling pressure due to economic concerns in Nigeria, shrinking the All-Share Index (ASI) and the market capitalisation by 0.93 per cent and 0.42 per cent to 64,721.09 points and N35.422 trillion, respectively.

Similarly, all other indices finished lower except the NGX Premium, NGX AFR. Div. Yield, consumer goods, industrial goods, growth and sovereign bond indices, which appreciated by 0.69 per cent, 0.44 per cent, 2.39 per cent, 0.37 per cent, 1.08 per cent and 0.25 per cent apiece, as the ASeM index closed flat.