Investors Raise Eyebrows as FTN Cocoa, Japaul Gain Over 40% in Four Days

December 29, 2020
NSE Investors

By Dipo Olowookere

Last week, which had only four trading sessions, shares of FTN Cocoa Processors and Japual Gold & Ventures Plc appreciated by over 40 per cent on the floor of the Nigerian Stock Exchange (NSE).

In the previous week, the companies’ stocks grew by double-digits at the market, causing some investors to begin to probe the rationale behind the sudden rise in the equities of the firms.

Business Post reports that a few days ago, the NSE lifted the suspension placed on FTN Cocoa after it filed its outstanding financial statements, while Japual changed its trading symbol to a new one after its change of name.

At the market last week, shares of FTN Cocoa rose by 43.55 per cent to settle at 89 kobo per unit, while equities of Japaul improved by 41.18 per cent to trade at 48 kobo per share.

They were among the 35 equities that appreciated in price during the week, though lower than the 53 equities in the previous week.

In the week, BOC Gases grew by 20.83 per cent to sell at N8.70 per share, Dangote Cement appreciated by 16.95 per cent to close at N245.00 per unit, while Oando grew by 15.92 per cent to settle at N3.64 per share.

Conversely, a total of 18 stocks depreciated in price, higher than 17 equities in the previous week and they were led by Trans-Nationwide Express, which fell by 9.20 per cent to close at 79 kobo per share.

John Holt decreased by 8.93 per cent to 51 kobo per unit, Champion Breweries lost 7.87 per cent to close at 82 kobo per share, International Breweries dropped 5.90 per cent to sell at N5.90 per unit, while Ardova depreciated by 5.24 per cent to finish at N13.55 per share.

During the week, a total of 108 equities remained unchanged, higher than 91 recorded in the previous week.

A look at the key performance indicators of the market showed that the All-Share Index and market capitalisation appreciated by 5.42 per cent to close the week at 38,800.01 points and N20.279 trillion respectively.

Similarly, all other indices finished higher with the exception of the banking, AFR Bank Value, AFR Div Yield and MERI Growth which depreciated by 1.03 per cent, 0.95 per cent, 0.31 per cent and 0.80 per cent, while the ASeM and Growth indices closed flat.

On the activity chart, by the time market closed on Thursday, December 24, 2020, for the Christmas break, a total of 2.8 billion shares worth N40.3 billion had exchanged hands in 17,459 deals in contrast to the 1.9 billion shares valued at N17.7 billion traded in 20,660 deals a week earlier.

The financial services sector led the chart with 2.1 billion shares valued at N19.5 billion traded in 8,327 deals, contributing 76.40 per cent and 48.26 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 182.1 million shares worth N4.4 billion in 2,485 deals, while the industrial goods counter recorded a turnover of 145.8 million shares worth N10.6 billion in 2,587 deals.

Access Bank, Zenith Bank and AXA Mansard Insurance were the most active stocks accounting for 1.4 billion shares worth N13.9 billion in 2,972 deals, contributing 52.23 per cent and 34.44 per cent to the total equity turnover volume and value respectively.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

Leave a Reply

oil weak dollar
Previous Story

Oil Dips Monday Despite Signing of Stimulus Bill

Fidelity Bank $500m Eurobond
Next Story

Fidelity Bank Rejigs Board for Next Phase of Growth Trajectory

Latest from Economy

Don't Miss