By Dipo Olowookere
The volume of transactions on the floor of the Nigerian Exchange (NGX) Limited declined significantly last week due to the closure of the market for two days to mark Eid-el Kabir on Monday and Tuesday.
This led to the trading of 504.322 million shares worth N7.517 billion in 12,393 deals compared with the 822.404 million shares valued at N10.366 billion traded a week earlier in 20,643 deals.
The trio of GTCO, Caverton and UBA accounted for 164.202 million shares worth N1.859 billion in 1,937 deals, contributing 32.56 per cent and 24.73 per cent to the total trading volume and value respectively.
Further analysis indicated that financial stocks led the activity chart by volume with 270.549 million units worth N2.940 billion traded in 5,730 deals, contributing 53.65 per cent and 39.11 per cent to the total trading volume and value respectively.
Services equities trailed with 74.980 million units worth N168.626 million in 954 deals, while energy stocks posted a turnover of 42.664 million units worth N262.001 million in 798 deals.
Business Post observed that despite the low trading activity, the All-Share Index (ASI) and market capitalisation appreciated in the week by 1.27 per cent and 1.28 per cent to close at 52,215.12 points and N28.158 trillion respectively.
Also, the NGX-Main Board, NGX 30, NGX MERI Growth, energy, and lotus II indices appreciated by 3.38 per cent, 0.91 per cent, 0.30 per cent, 0.02 per cent and 0.60 per cent respectively, while all other indices finished lower, with the ASeM, growth and sovereign bond indices closing flat.
On the price movement log, 20 shares gained points, lower than 31 shares in the previous week, while 32 stocks shed weight, higher than 26 stocks in the preceding week, with 104 equities closing flat, higher than 99 equities in the previous week.
Academy Press maintained its upward movement with a price appreciation of 16.93 per cent to settle at N2.21, CWG rose by 12.50 per cent to 90 Kobo, Caverton appreciated by 12.30 per cent to N1.37, Wema Bank improved by 10.00 per cent to N3.74, while Airtel Africa gained 10.00 per cent to quote at N1,905.40.
On the flip side, Fidson lost 21.58 per cent to trade at N9.41, Cornerstone Insurance declined by 17.39 per cent to 57 Kobo, Multiverse fell by 13.33 per cent to close at N1.82, Ikeja Hotel went down by 11.36 per cent to N1.17, while Northern Nigerian Flour Mills moderated by 9.95 per cent to N8.60.
