Market Participants Transact N238bn Shares in One Week

By Dipo Olowookere

On the floor of the Nigerian Exchange (NGX) Limited last week, market participants bought and sold 3.249 billion shares worth N237.986 billion in 287,919 deals compared with the 3.647 billion shares valued at N130.151 billion traded in 244,777 deals a week earlier.

Financial equities dominated the activity chart with 2.581 billion units sold for N97.212 billion in 138,900 deals, contributing 79.43 per cent and 40.85 per cent to the total trading volume and value, respectively.

Trailing were the services stocks, with a turnover of 131.102 million units valued at N2.731 billion executed in 15,084 deals, and ICT shares with 114.622 million units worth N21.541 billion in 29,152 deals.

Fidelity Bank, Sterling Holdings, and Mutual Benefits accounted for 1.229 billion units valued at N15.942 billion in 7,796 deals, contributing 37.83 per cent and 6.70 per cent to the total trading volume and value, respectively.

In the week, 52 stocks gained weight versus nine stocks in the preceding week, 32 shares lost weight versus 80 stocks of the previous week, and 63 equities remained unchanged versus 58 equities a week earlier.

On top of the gainers’ chart was UPDC REIT, which soared by 3491 per cent to N18.55. Sovereign Trust Insurance appreciated by 30.95 per cent to N2.20, Mutual Benefits rose by 22.03 per cent to N3.60, NGX Group gained 21.55 per cent to trade at N179.90, and First Holdco surged by 17.65 per cent to N160.00.

The heaviest price loser for the week was Transcorp Power, which shed 18.94 per cent to N178.00. John Holt lost 18.89 per cent to close at N7.30, Ellah Lakes declined by 18.14 per cent to N8.35, LivingTrust Mortgage Bank slumped by 17.46 per cent to N2.60, and Omatek crashed by 12.41 per cent to N1.20.

At the close of business in the five-day trading week, the All-Share Index (ASI) went up by 2.78 per cent to 249,804.56 points, and the market capitalisation appreciated by 2.90 per cent to N162.157 trillion, with all other indices closing higher apart from the growth index, which was down by 0.14 per cent.