Dipo Olowookere
By Dipo Olowookere
Some investors at the Nigerian Exchange (NGX) Limited have started to buy some stocks currently selling at lower prices but with good fundamentals ahead of the Santa Claus rally.
Last week, the exchange witnessed an uptick in the market turnover as traders transacted 839.978 million shares worth N12.418 billion in 16,183 deals compared with the 711.618 million shares worth N15.338 billion transacted in 16,662 deals a week earlier.
Three equities, Regency Assurance, FBN Holdings and FCMB, were the most active in the week, which had five trading sessions. They accounted for 256.521 million stocks valued at N1.237 billion in 1,042 deals, contributing 30.54 per cent and 9.96 per cent to the total trading volume and value, respectively.
By sector, the financial services was the busiest as it led the activity chart with 616.627 million equities valued at N4.305 billion in 7,609 deals, contributing 73.41 per cent and 34.67 per cent to the total trading volume and value, respectively.
The conglomerates space followed with 78.470 million shares worth N260.581 million in 575 deals, while the ICT counter recorded the sale of 46.619 million stocks worth N5.717 billion in 1,222 deals.
The performance of the bourse was bullish in the week as the All-Share Index (ASI) and the market capitalisation increased by 1.26 per cent to 48,154.65 points and N26.229 trillion, respectively.
Similarly, all other indices finished higher except the consumer goods, industrial goods and growth indices, which fell by 0.61 per cent, 1.20 per cent and 0.07 per cent apiece, while the ASeM and sovereign bond indices closed flat.
A total of 37 stocks were on the gainers’ chart last week compared with 49 stocks in the previous week, while 25 equities were on the opposite end compared with the 19 equities on the log a week earlier, with 95 shares closing flat compared with 89 shares in the prior week.
Thomas Wyatt posted the highest week-on-week growth, 22.22 per cent, to sell at 44 Kobo. PZ Cussons grew by 14.74 per cent to N10.90, NPF Microfinance Bank appreciated by 14.00 per cent to N1.71, Wema Bank jumped by 11.73 per cent to N3.43, and UAC Nigeria gained 10.53 per cent to trade at N10.50.
However, Beta Glass recorded the sharpest cut of 9.90 per cent to close at N39.60, SCOA Nigeria depreciated by 9.40 per cent to N1.06, Red Star Express fell by 9.25 per cent to N2.06, Nigerian Breweries crashed by 8.07 per cent to N45.00, and Honeywell Flour tumbled by 7.46 per cent to N2.11.
