By Dipo Olowookere
Last week on the floor of the Nigerian Exchange (NGX) Limited, shares of GTCO, UBA and Zenith Bank were the most attractive to investors, who were taking position in anticipation for interim dividend.
The equities of these financial institutions accounted for 261.7 million shares worth N5.8 billion traded in 3,498 deals in the five-day trading week, contributing 25.95 per cent and 53.22 per cent to the total trading volume and value respectively.
Business Post reports that investors traded 1.0 billion shares worth N10.9 billion in 17,297 deals in the week in contrast to the 1.4 billion shares worth N12.1 billion transacted in 21,581 deals a week earlier.
One of the main reasons for the low trading activity was because of the siddon and look approach of investors as they await the release of half-year results of listed firms in the coming days.
It was observed that financial stocks led the activity chart by volume with the sale of 732.4 million units worth N7.2 billion traded in 9,131 deals, contributing 72.62 per cent and 66.04 per cent to the trading volume and value respectively.
The conglomerates shares followed with 52.9 million units worth N170.3 million in 656 deals, while the third place was ICT equities with 52.7 million units worth N1.8 billion in 701 deals.
In the week, 29 equities appreciated in price, lower than 44 equities in the previous week, while 32 equities depreciated in price, higher than 22 equities in the previous week, with 95 equities closing flat, higher than 90 equities recorded in the previous week.
FTN Cocoa was the best-performing stock last week, appreciating by 20.59 per cent to trade at 41 kobo. NCR Nigeria gained 20.48 per cent to sell for N3.00, Capital Hotels rose by 10.00 per cent to N2.64, Sovereign Trust Insurance improved by 10.00 per cent to 33 kobo, while Tripple Gee appreciated by 9.89 per cent to N1.00.
On the flip side, Ikeja Hotel was the worst-performing stock of the week, depreciating by 18.83 per cent to N1.25. Consolidated Hallmark Insurance went down by 15.71 per cent to 59 kobo, Unity Bank dropped 8.47 per cent to 54 kobo, Coronation Insurance lost 8.47 per cent to 54 kobo, while University Press declined by 7.24 per cent to N1.41.
At the close of transactions for the week, the All-Share Index and market capitalisation depreciated by 0.12 per cent to close the week at 37,947.18 points and N19.771 trillion respectively.
Similarly, all other indices finished lower with the exception of the banking, AFR Div Yield, MERI Growth, oil/gas and NGX sovereign bond indices which appreciated by 0.09 per cent, 0.32 per cent, 0.15 per cent,1.81 per cent and 0.64 per cent respectively, while the NGX premium, NGX ASeM and NGX growth indices closed flat.
