Investors’ Appetite for Nigerian Stocks Remains Low

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By Dipo Olowookere

The stock market in Nigeria recorded a week-on-week decline of 2.56 per cent as investors’ appetite waned, with traders preferring to watch if prices will further crash before taking a buying decision.

This low investor confidence depleted the All-Share Index (ASI) to 37,658.26 points from 38,648.91 points and deflated the market capitalisation to N19.627 trillion from N20.143 trillion.

Last week, which had a five-day trading session, only 1.0 billion shares worth N10.3 billion were traded in 17,165 deals in contrast to the 981.2 million shares valued at N10.4 billion traded in 15,001 deals in the preceding week with only four trading days.

In the week, financial stocks accounted for 646.4 million units worth N5.2 billion traded in 8,996 deals, contributing 64.26 per cent and 50.33 per cent to the total trading volume and value respectively.

Consumer goods accounted for 108.6 million shares worth N2.3 billion in 3,213 deals, while conglomerates shares accounted for 80.3 million shares worth N179.1 million in 614 deals.

Further analysis showed that Zenith Bank, Transcorp Hotels and Access Bank Plc accounted for 207.3 million units worth N2.5 billion in 2,774 deals, contributing 20.61 per cent and 24.30 per cent to the total trading volume and value respectively.

Business Post reports that 33 stocks closed on the price risers’ table last week, lower than 38 stocks on the same chart the previous week.

Also, 37 equities were on the price losers’ table, higher than 25 equities of the preceding week, while 85 shares closed flat, lower than 93 shares of the earlier week.

The highest price gainer was Veritas Kapital Assurance as a result of the 18.18 per cent growth it recorded, closing at 26 kobo.

Linkage Assurance also appreciated by 18.18 per cent to sell for 65 kobo, Vitafoam grew by 17.77 per cent to finish at N14.25, Honeywell Flour improved by 10.71 per cent to trade at N1.55, while Portland Paints gained 10.00 per cent to close at N2.64.

The heaviest price loser in the week was Consolidated Hallmark Insurance, which lost 13.43 per cent to trade at 58 kobo.

Royal Exchange went down by 12.50 per cent to 63 kobo, Airtel Africa depreciated by 10.00 per cent to N678, Juli lost 9.56 per cent to quote at N1.23, while NPF Microfinance Bank dropped 8.95 per cent to finish at N1.73.

In terms of the performance of the sectors of the market, the industrial goods sector went down by 3.33 per cent, the insurance counter dropped 0.83 per cent, while the banking, consumer goods and energy sectors appreciated by 0.92 per cent, 0.57 per cent and 0.12 per cent respectively.

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