Industrial Goods Equities Drive NGX 0.87% Week-on-Week Gain

By Dipo Olowookere

The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited appreciated by 0.87 per cent week-on-week to 100,539,40 points and the market capitalisation increased by 0.86 per cent to N56.929 trillion last week following renewed interest in industrial goods equities.

Also in the week, all other indices finished higher apart from the banking, insurance, AFR Bank Value, consumer goods, energy, growth and sovereign bond sectors, which depreciated by 0.05 per cent, 4.86 per cent, 0.07 per cent 0.20 per cent, 0.10 per cent, 0.43 per cent and 4.35 per cent, respectively, while the NGX ASeM index closed flat.

Business Post reports that 37 equities gained weight last week at the exchange versus 34 equities of the preceding week, 34 stocks depreciated versus 38 stocks a week earlier, and 80 shares closed flat versus 82 shares of the previous week

United Capital was the best-performing stock after it chalked up 42.78 per cent to close at N40.55, Africa Prudential rose by 33.78 per cent to N9.90, Cutix jumped by 29.65 per cent to N5.99, Champion Breweries gained 12.09 per cent to N3.43, and Oando expanded by 11.28 per cent to N18.25.

The worst-performing equity for the week was Linkage Assurance, which fell by 24.56 per cent o N86 Kobo, Veritas Kapital went down by 11.67 per cent to N1.06, Vitafoam declined by 10.38 per cent to N19.00, Chellarams retreated by 9.76 per cent to N3.70, and McNichols slipped by 9.01 per cent to N1.01.

A look at the activity chart showed that investors traded 2.827 billion shares worth N42.366 billion in 44,277 deals, in contrast to 2.765 billion shares worth N85.230 billion transacted in 40,796 deals in the previous week.

The financial services space topped with 2.179 billion equities valued at N30.667 billion in 25,260 deals, contributing 77.08 per cent and 72.38 per cent to the total trading volume and value, respectively.

The industrial goods sector trailed with 246.921 million stocks worth N2.039 billion in 2,068 deals, and the energy industry sold 107.218 million shares worth N1.704 billion in 3,128 deals.

Jaiz Bank, Cutix, and FCMB were the busiest at the bourse in the five-day trading week, with 1.140 billion units sold for N4.632 billion in 2,701 deals, contributing 40.32 per cent and 10.93 per cent to the total trading volume and value, respectively.