Financial Stocks Maintain Dominance at Nigerian Exchange

June 12, 2023
Financial Stocks

By Dipo Olowookere

The demand for financial stocks at the Nigerian Exchange (NGX) Limited continued last week as investors bought and sold 1.578 billion units worth N15.652 billion in 14,851 deals.

This left the sector on top of the activity chart, contributing 71.82 per cent and 34.05 per cent to the total trading volume and value, respectively.

Business Post reports that energy shares followed with 157.221 million units valued at N1.304 billion in 3,549 deals, while the third place was occupied by the consumer goods equities with a turnover of 101.562 million units valued at N1.939 billion in 3,944 deals.

A breakdown showed that UBA, FCMB and NPF Microfinance Bank were the busiest shares in the five-day trading week, accounting for 696.244 million units worth N4.019 billion in 2,398 deals, contributing 31.70 per cent and 8.74 per cent to the total trading volume and value apiece.

In all, the Nigerian stock exchange witnessed the trading of 2.196 billion shares worth N45.971 billion in 31,655 deals in the week compared with the 2.586 billion shares worth N46.643 billion transacted in 35,122 deals a week earlier.

It was observed that the buying pressure lifted the All-Share Index (ASI) and the market capitalisation by 0.20 per cent to 55,930.97 points and N30.455 trillion, respectively.

Similarly, all other indices finished higher except NGX Premium, NGX AFR Div. Yield, NGX Lotus II, industrial goods, growth and sovereign bond indices, which depreciated by 0.75 per cent, 0.06 per cent, 0.08 per cent, 1.31 per cent, 0.51 per cent, and 1.50 per cent, respectively, while the ASeM index closed flat.

The bourse finished with 52 price gainers last week compared with 66 in the preceding week, 27 price losers compared with 23 in the previous week, as 77 stocks closed flat versus 67 stocks in the preceding week.

Eterna gained 45.41 per cent to end at N13.45, Unity Bank grew by 44.00 per cent to 72 Kobo, FTN Cocoa rose by 40.91 per cent to 93 Kobo, Secure Electronic Technology appreciated by 38.46 per cent to 36 Kobo, and Cornerstone Insurance increased by 37.35 per cent to N1.14.

In contrast, John Holt lost 26.70 per cent to trade at N1.40, RT Briscoe depreciated by 10.53 per cent to 34 Kobo, Sunu Assurance fell by 10.42 per cent to 43 Kobo, Courteville dropped 9.80 per cent to 46 Kobo, and Multiverse decreased by 9.54 per cent to N3.70.

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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