By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was busy last week, with investors transacting more equities compared with the preceding week as a result of an action of the Central Bank of Nigeria (CBN) on interest rates.
The benchmark interest rate was further raised by 0.50 per cent to 26.75 per cent, causing traders to rebalance their portfolios for more fixed-income assets.
This led to profit-taking, with the All-Share Index (ASI) and the market capitalisation closing lower by 2.33 per cent to 98,201.49 points and N55.605 trillion, respectively.
Similarly, all other indices ended in red territory apart from MERI Value, which appreciated by 0.72 per cent, while the NASeM and sovereign bond indices closed flat.
A total of 3.557 billion shares worth N47.220 billion in 42,871 deals exchanged hands in the week versus the 2.827 billion shares valued at N42.366 billion traded in 44,277 deals a week earlier.
The financial services industry led the activity chart with 2.011 billion stocks worth N25.783 billion traded in 24,350 deals, contributing 56.52 per cent and 54.60 per cent to the total trading volume and value, respectively.
The services sector posted a turnover of 1.020 billion equities worth N3.216 billion in 1,846 deals, and the agriculture counter traded 168.028 million shares worth N647.859 million in 1,473 deals.
Tourist Company of Nigeria, FCMB, and Abbey Mortgage Bank accounted for 1.876 billion shares worth N8.511 billion in 935 deals, contributing 52.73 per cent and 18.02 per cent to the total trading volume and value apiece.
Secure Electronic Technology topped the losers’ chart in the five-day trading week after it lost 26.32 per cent to sell for 42 Kobo, Omatek fell by 14.86 per cent to 63 Kobo, Cutix dropped 14.02 per cent to N5.15, University Press depreciated by 12.35 per cent to N2.20, and Eterna slumped by 10.00 per cent to N16.20.
Sitting on top of the gainers’s table in the week was Sovereign Trust Insurance, which gained 14.29 per cent to finish at 56 Kobo, Coronation Insurance expanded by 13.16 per cent to 86 Kobo, Neimeth grew by 12.64 per cent to N1.96, Oando increased by 11.51 per cent to N20.35, and Julius Berger rose by 10.86 per cent to N97.00.
Business Post reports that at the close of transactions for the week last Friday, the bourse recorded 20 price risers versus 37 in the preceding week, 47 price decliners versus 34 a week earlier, and 84 stocks closed flat versus 80 in the previous week.
Modupe Gbadeyanka