Dipo Olowookere
By Dipo Olowookere
The stock market in Nigeria performed badly last week and it resulted in a decline in the All-Share Index (ASI) by 0.15 per cent to 38,808,01 points and a reduction in the market capitalisation by 0.12 per cent to N20.310 trillion.
According to data from the exchange, all other indices finished lower in the five-day trading week except the NSE Premium, NSE Lotus II, industrial and sovereign bond counters, which rose by 0.65 per cent, 0.09 per cent, 0.95 per cent and 0.17 per cent respectively, while the ASeM and growth indices closed flat.
Business Post observed that the bears overpowered the bulls in the week and led to price depreciation in 47 equities, higher than 40 equities of the preceding week.
There were 18 price risers last week compared with 17 of the previous week, while a total of 97 stocks closed flat, lower than 105 of the earlier week.
Custodian Investment closed as the worst-performing stock of the week with a decline of 17.86 per cent to finish at N5.75 followed by Northern Nigerian Flour Mills, which lost 13.71 per cent to trade at N5.35.
Mutual Benefits Assurance declined by 12.82 per cent to sell for 34 kobo, Fidson went down by 9.89 per cent to N4.28, while Cutix dropped 9.78 per cent to N2.03.
On the flip side, FTN Cocoa ended as the best-performing stock with a gain of 16.28 per cent to close at 50 kobo.
Morison Industries grew by 9.30 per cent to 94 kobo, Royal Exchange appreciated by 8.33 per cent to 39 kobo, Meyer moved up by 8.16 per cent to 53 kobo, while UAC Nigeria improved by 7.53 per cent to N10.00.
On the activity chart, investors traded 1.3 billion shares worth N10.8 billion in 19,975 deals compared with the previous week’s 887.0 million shares valued at N9.2 billion transacted in 17,837 deals.
Fidelity Bank, FBN Holdings and Access Bank accounted for 390.8 million units worth N2.0 billion in 3,241 deals, contributing 30.94 per cent and 18.78 per cent to the total trading volume and value respectively.
Financial equities accounted for 853.1 million units valued at N6.8 billion in 11,127 deals, contributing 67.56 per cent and 62.78 per cent to the total trading volume and value respectively.
The conglomerates followed with 103.2 million units worth N704.6 million traded in 954 deals, while the energy sector had 89.5 million units worth N353.5 million in 1,479 deals.
