Market Information Drives Trading in FBN Holdings, UAC Nigeria, Access Bank Stocks

By Modupe Gbadeyanka

Last week, information concerning FBN Holdings, UAC Nigeria and Access Bank caused investors to pick interest in their respective stocks.

It was reported last week that FBN Holdings has injected N25 billion into its commercial banking arm, First Bank of Nigeria Limited. This fresh fund was from the sale of FBN Insurance to another investor recently and to boost the capital base of First Bank, its flagship firm, FBN Holdings ‘poured’ the money into it.

Also, during the week, UAC Nigeria announced selling its stake in UAC Property Development Company (UPDC) to Custodian Investment Plc. In the week too, Access Bank confirmed that it has finally acquired a commercial bank in Zambia.

All these spurred shareholders to trade heavily in the stocks of these three firms, with some selling and others buying.

At the close of transactions in the week, the trio accounted for 320.2 million shares worth N1.8 billion in 2,639 deals, contributing 30.06 per cent and 16.69 per cent to the total equity turnover volume and value respectively.

During the week, investors traded a total of 1.1 billion shares worth N10.8 billion in 20,482 deals in contrast to 422.0 million shares valued at N5.3 billion in 11,801 deals the previous week.

It was observed that financial equities led the activity chart with 677.3 million shares valued at N5.1 billion traded in 10,386 deals, contributing 63.59 per cent and 46.95 per cent to the total equity turnover volume and value respectively.

Shares in the conglomerates industry followed with 153.4 million shares worth N580.2 million in 894 deals, while stocks in the industrial goods sector recorded 57.4 million units worth N861.3 million in 1,671 deals.

A total of 41 stocks appreciated in price during the week, higher than 24 equities in the previous week, while 18 equities depreciated in price, lower than 28 equities in the previous week, with 104 equities closing flat, lower than 111 equities recorded in the previous week.

Neimeth was the highest price gainer in the week, appreciating by 21.33 per cent to settle at N1.82 per share.

UPDC grew by 18.52 per cent to close at 96 kobo per share, Flour Mills gained 13.20 per cent to end at N19.30 per share, Seplat appreciated by 12.83 per cent to settle at N350.00 per share, while Stanbic IBTC grew by 10.00 per cent to finish at N33.00 per share.

On the flip side, UAC Nigeria was the biggest loser in the week, depreciating by 11.43 per cent to settle at N6.20 per share and was followed by Total Nigeria, which fell by 9.91 per cent to finish at N79.10 per share.

Ardova declined by 9.67 per cent to close at N12.15 per share, Custodian Investment deflated by 9.09 per cent to settle at N5.00 per share, while Sunu Assurances Nigeria also decreased by 9.09 per cent to finish at 20 kobo per share.

Business Post reports that during the week, the All-Share Index (ASI) and market capitalisation both appreciated by 1.41 per cent to 25,041.89 points and N13.063 trillion respectively.

All other indices finished higher with the exception of the insurance index which depreciated by 0.28 per cent while the NSE ASeM closed flat.