By Dipo Olowookere
The Nigerian equity market witnessed a low turnover last week, with just 840.3 million shares worth N9.6 billion traded in 13,239 deals as against the 1.4 billion shares worth N15.9 billion transacted a week earlier in 18,459 deals.
Business Post reports that the major reason for this low trading volume in the week was due to the two-day holiday observed in the country on Wednesday and Thursday to mark the end of the holy month of Ramadan and commemorate the Eid al-Fitr celebrations. This meant that the market only operated for three days.
But this did not tamper with the key performance indicators of the bourse as the All-Share Index and market capitalisation appreciated by 0.72 per cent to close at 39,481.89 points and N20.579 trillion respectively.
Similarly, all other indices finished higher with the exception of the sovereign bond index, which depreciated by 10.69 per cent, while the ASeM and growth indices closed flat.
In the week, investors sustained their appetite for financial stocks, accounting for 541.0 million units worth N5.5 billion traded in 7,824 deals.
This signified that shares in this category contributed 64.38 per cent and 57.45 per cent to the total trading volume and value respectively.
Equities in the ICT sector recorded 90.4 million units valued at N571.6 million in 500 deals, while shares in the conglomerates industry posed a turnover of 84.8 million units worth N512.8 million in 551 deals.
In terms of individual stocks, Access Bank, Zenith Bank and eTranzact were the most active with 284.9 million units valued at N3.5 billion transacted in 2,533 deals, contributing 33.91 per cent and 36.29 per cent to the total trading volume and value respectively.
A total of 33 equities appreciated in price during the week, higher than 31 in the previous week, while 19 equities depreciated in price lower than 37 equities in the previous week, with 108 equities closing flat, higher than 92 equities of the preceding week.
Consolidated Hallmark Insurance was the best-performing stock with a price appreciation of 25.64 per cent to close at 49 kobo.
ABC Transport gained 19.35 per cent to sell for 37 kobo, Africa Prudential rose by 17.12 per cent to trade at N6.50, Royal Exchange grew by 16.92 per cent to sell for 76 kobo, while NEM Insurance gained 14.92 per cent to close at N2.08.
On the flip side, the worst-performing stock was Academy Press as its share value went down by 10.00 per cent to 36 kobo, followed by Chams, which dropped 9.09 per cent to quote at 20 kobo.
Japaul lost 8.33 per cent to trade at 55 kobo, Sterling Bank depreciated by 6.92 per cent to close at N1.48, while Okomu Oil declined by 6.31 per cent to trade at N96.50.
