Nigerian Stocks Attract N108.8bn from Domestic, Offshore Investors in Five Days

March 11, 2024
Nigerian shares

By Dipo Olowookere

About N108.8 billion was attracted by Nigerian stocks last week from both local and offshore investors through the trading of 2.157 billion shares in 51,556 deals.

These transactions, executed on the floor of the Nigerian Exchange (NGX) Limited in five days, were higher than the 1.882 billion equities valued at N34.149 billion traded in the preceding week in 48,464 deals.

The trades were buoyed by traders’ appetite for Transcorp, Transcorp Power and UBA, which accounted for 1.056 billion stocks worth N78.770 billion in 12,167 deals, contributing 48.97 per cent and 72.38 per cent to the total trading volume and value, respectively.

Business Post reports that the financial services industry dominated the activity chart in the week with 899.483 million shares valued at N15.778 billion in 20,278 deals, contributing 41.70 per cent and 14.50 per cent to the total trading volume and value apiece.

The conglomerates counter followed with 736.973 million equities worth N12.902 billion in 4,996 deals, while the utilities sector posted a turnover of 208.511 million stocks valued at N65.746 billion in 5,602 deals.

Transcorp Power was the best-performing equity with a price appreciation of 46.38 per cent to N351.30, Juli gained 32.53 per cent to trade at N4.97, International Energy Insurance rose by 20.85 per cent to N1.68, Transcorp advanced by 19.05 per cent to N17.00, and PZ Cussons grew by 18.52 per cent to N40.00.

On the flip side, Guinness Nigeria closed the week as the worst-performing stock after it fell by 17.55 per cent to N42.05, Ecobank depreciated by 17.01 per cent to N20.00, NEM Insurance dropped 16.67 per cent to N5.50, FTN Cocoa declined by 16.36 per cent to N1.38, and Chams lost 15.97 per cent to N2.00.

In the week, 22 equities appreciated in price versus 27 equities of the previous week. 56 shares depreciated in price versus 54 shares a week earlier, and 76 stocks closed flat versus 72 stocks of the preceding week.

As for the index movement, the All-Share Index (ASI) and the market capitalisation appreciated by 2.61 per cent and 6.03 per cent to 101,330.85 points and N57.293 trillion, respectively.

Similarly, all other indices finished higher except the banking, insurance, AFR Bank Value, MERI Growth, MERI Value, consumer goods and sovereign bond indices, which collapsed by 1.40 per cent, 5.22 per cent, 3.39 per cent, 1.80 per cent, 1.86 per cent, 1.21 per cent, and 3.06 per cent, respectively.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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