Nigerian Stocks Attract N40.570bn in One Week on Renewed Interest

By Dipo Olowookere

The renewed interest in Nigerian stocks caused the activity level on Customs Street to improve last week, as investors mop up equities with sound fundamentals ahead of the festive season next month.

This raised the All-Share Index (ASI) and the market capitalisation of the Nigerian Exchange (NGX) Limited by 4.56 per cent and 4.53 per cent apiece to 70,196.77 points and N38.557 trillion.

Similarly, all other indices finished higher while the NGX ASeM and the energy indices closed flat.

In the week, traders bought and sold 2.451 billion shares worth N40.570 billion in 37,959 deals versus the 1.446 billion shares valued at N25.418 billion traded in 28,933 deals a week earlier.

Financial stocks accounted for 1.480 billion units worth N21.160 billion in 16,671 deals, contributing 60.39 per cent and 52.16 per cent to the total trading volume and value, respectively.

Energy shares posted a turnover of 354.911 million units worth N1.214 billion in 2,917 deals, and ICT equities recorded a sale of 175.216 million units valued at N8.218 billion in 3,759 deals.

Japual, UBA and Fidelity Bank were the most active stocks in the week, accounting for 835.584 million shares worth N8.631 billion in 5,514 deals, contributing 34.09 per cent and 21.27 per cent to the total trading volume and value apiece.

Last week, 63 equities appreciated in price versus 39 equities in the previous week, 29 stocks depreciated compared with 42 stocks of the preceding week, and 64 shares closed flat versus 76 shares of the earlier week.

The best-performing stock was Mutual Benefits, which gained 29.27 per cent to settle at 53 Kobo, Japaul grew by 28.28 per cent to N1.27, Airtel Africa rose by 27.85 per cent to N1,790.00, Omatek expanded by 27.27 per cent to 56 Kobo, and Cadbury Nigeria improved by 25.00 per cent to N15.75.

The worst-performing stock for the week was RT Briscoe, which shed 14.00 per cent to close at 43 Kobo, Beta Glass lost 10.46 per cent to trade at N59.95, Meyer declined by 9.87 per cent to N2.74, Abbey Mortgage Bank shrank by 9.71 per cent to N1.86, and Learn Africa dropped 9.70 per cent to quote at N2.98.