Investors Stake N27.693bn on C&I Leasing, Fidelity Bank, MeCure, Others

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited posted a 0.37 per cent week-on-week growth last week, with the All-Share Index (ASI) and the market capitalisation rising to 71,112.99 points and N39.108 trillion, respectively.

Similarly, all other indices finished higher except NGX Main Board, banking, industrial goods and sovereign bond, which depreciated by 0.11 per cent, 0.04 per cent, 1.18 per cent and 0.27 per cent apiece, while ASeM index closed flat.

Despite the gain, the level of activity waned as investors traded 2.025 billion shares worth N27.693 billion in 32,763 deals versus the 2.525 billion shares valued at N45.297 billion traded in 32,815 deals a week earlier.

As usual, financial stocks dominated the activity chart with 1.202 billion units valued at N11.481 billion traded in 12,775 deals, contributing 59.38 per cent and 41.46 per cent to the total trading volume and value, respectively.

Energy shares trailed with 328.656 million units sold for N3.163 billion in 4,713 deals, while services equities posted 131.249 million units worth N539.745 million in 2,263 deals.

The busiest stocks were Japual, Fidelity Bank and Jaiz Bank with a turnover of 488.181 million units worth N1.967 billion in 3,136 deals, contributing 24.11 per cent and 7.10 per cent to the total trading volume and value apiece.

Further analysis by Business Post showed that 54 equities appreciated in price during the week versus 37 equities in the previous week, 30 stocks depreciated in price versus 43 stocks in the preceding week, and 72 shares closed flat versus 75 shares of the earlier week.

Deap Capital was the best-performing equity after it gained 54.84 per cent to close at 48 Kobo, C&I Leasing grew by 49.55 per cent to N4.98, MeCure chalked up 46.17 per cent to trade at N5.73, Omatek jumped by 35.94 per cent to N87 Kobo, and Northern Nigerian Flour Mills rose by 32.78 per cent to N23.90.

On the flip side, Japaul ended the week as the worst-performing stock after it lost 14.14 per cent to finish at N1.70, Beta Glass dropped 9.92 per cent to end at N54.00, The Initiates depreciated by 9.80 per cent to 92 Kobo, Red Star Express fell by 8.54 per cent to N3.00, and Mutual Benefits retreated by 7.69 per cent to 48 Kobo.