Dipo Olowookere
By Dipo Olowookere
The decision of Mr Femi Otedola to invest in Transcorp Plc spurred interest in the company’s stocks at the Nigerian Exchange (NGX) Limited last week, resulting in a 23.36 per cent week-on-week improvement in its value.
According to data obtained by Business Post from the bourse, the share price of the conglomerate increased to N1.69 at the close of the four-day trading week compared with the preceding week’s value of N1.37.
The stock was among the 18 equities that finished on the gainers’ chart in the week, higher than the 16 equities in the previous trading week.
International Breweries rose by 11.11 per cent to N4.50, Skyway Aviation expanded by 10.00 per cent to N5.50, ABC Transport jumped by 9.68 per cent to 34 Kobo, and Berger Paints moved up by 8.57 per cent to N7.60.
The market only operated for four days due to the public holdiday observed on Monday for Easter and by Friday, 39 shares were on the losers’ log, higher than 37 equities in the previous week.
Consolidated Hallmark Insurance finished as the worst-performing stock after it fell by 13.64 per cent to 57 Kobo, Neimeth dropped 10.34 per cent to N1.30, May and Baker depreciated by 10.00 per cent to N4.05, Airtel Africa also fell by 10.00 per cent to N1,198.00, and Cadbury shed 9.73 per cent to N10.20.
Investors transacted 2.824 billion shares worth N10.964 billion in 15,686 deals, in contrast to the 1.054 billion shares worth N10.050 billion traded in 16,155 deals in the preceding week.
The conglomerates industry led the activity chart with 1.797 billion shares valued at N2.495 billion traded in 931 deals, contributing 63.65 per cent and 22.76 per cent to the total trading volume and value, respectively.
The financial services sector followed with 590.745 million shares worth N5.615 billion in 7,869 deals, and the ICT counter recorded a turnover of 313.737 million shares worth N1.213 billion in 1,340 deals.
Transcorp, Chams and UBA accounted for 2.254 billion shares worth N3.852 billion in 1,922 deals, contributing 79.81 per cent and 35.14 per cent to the total trading volume and value, respectively.
Due to the sustained selling pressure, the All-Share Index (ASI) and the market capitalisation depreciated by 2.08 per cent each to 51,893.94 points and N28.268 trillion, respectively.
Similarly, all other indices finished lower except consumer goods and sovereign bond, which appreciated by 0.05 per cent and 1.54 per cent, respectively, while the ASeM, energy, and growth indices closed flat.
