Dipo Olowookere
By Dipo Olowookere
It was not a fruitful week for FBN Holdings Plc on the floor of the Nigerian Exchange (NGX) Limited last week as the company’s shares underperformed in the four-day trading week.
The stock lost 14.21 per cent to close at N30.50 to lead the losers’ group of 42 members, higher than 31 recorded a week earlier as a result of profit-taking.
Sterling Holdings went down by 12.96 per cent to N4.70, Julius Berger fell by 11.36 per cent to N58.50, CWG shed 10.00 per cent to trade at N6.75, and C&I Leasing declined by 9.76 per cent to N3.70.
On the flip side, the NGX posted 31 appreciating equities versus 40 in the preceding week. This group was led by Cutix, which gained 22.69 per cent to quote at N3.19.
Morison Industries expanded by 20.45 per cent to N2.12, May & Baker grew by 19.09 per cent to N6.55, Chams went up by 15.63 per cent to N2.22, and Abbey Mortgage Bank increased by 14.46 per cent to N2.77.
Business Post reports that the market opened for four trading days in the week due to the public holiday observed on Monday for the Easter celebration.
In the week, 3.680 billion shares worth N57.892 billion in 40,726 deals exchanged hands compared with the 1.804 billion shares valued at N52.040 traded a week earlier in 38,550 deals.
Financial stocks dominated with 2.881 billion units sold for N46.201 billion in 21,257 deals, contributing 78.29 per cent and 79.81 per cent to the total trading volume and value, respectively.
Services equities trailed with 479.156 million units worth N2.282 billion in 2,142 deals, as conglomerates shares transacted 123.591 million units valued at N1.651 billion in 2,849 deals.
The trio of Abbey Mortgage Bank, Tourist Company of Nigeria and Zenith Bank accounted for 2.175 billion stocks worth N20.667 billion in 2,594 deals, contributing 59.10 per cent and 35.70 per cent to the total trading volume and value, respectively.
The market was under selling pressure last week, resulting in the All-Share Index (ASI) and the market capitalisation depreciating by 1.08 per cent and 1.05 per cent to 103,437.67 points and N58.498 trillion, respectively.
Similarly, apart from the consumer goods and the growth indices, which appreciated by 0.94 per cent and 0.32 per cent apiece, all other indices finished lower, while the ASeM and energy indices closed flat.
