PZ Cussons Leads Gang of 53 Stock Losers in One Week

August 1, 2022
PZ Cussons Nigeria

By Dipo Olowookere

A total of 53 stocks lost points last week on the floor of the Nigerian Exchange (NGX) Limited as investors panicked over the foreign exchange (FX) crisis in the country, liquidating their Naira investments for Dollar, a more stable currency.

In the week, PZ Cussons was the heaviest price loser as its value went down by 18.27 per cent to settle at N8.50 and was trailed by Wema Bank, which lost 17.54 per cent to trade at N3.29. Ikeja Hotel depreciated by 17.09 per cent to 97 Kobo, UPDC fell by 16.81 per cent to 99 Kobo, while Courteville declined by 16.67 per cent to 40 Kobo.

In the week, 11 stocks gained points, lower than 19 stocks of the previous week, with NAHCO on top of the chart after its value rose by 9.09 per cent to N6.00 to trade at N6.00. Union Bank improved by 7.84 per cent to N5.50, UPDC REIT appreciated by 4.41 per cent to N3.55, NGX Group chalked up 4.28 per cent to close at N21.95, while NPF Microfinance Bank gained 4.17 per cent to sell for N1.75.

Transactions last week were mainly on the sell side, causing the All-Share Index (ASI) and the market capitalisation to drop 3.10 per cent to 50,370.25 points and N27.163 trillion respectively.

Similarly, all other indices finished lower with the exception of the sovereign bond index, which appreciated by 0.08 per cent while ASeM and growth indices closed flat.

Investors traded 1.546 billion shares worth N16.289 billion in 23,873 deals compared with the 917.190 million shares valued at N14.803 billion transacted a week earlier in 19,513 deals.

The financial services industry led the activity chart by volume with 1.192 billion shares valued at N5.978 billion in 11,996 deals, contributing 77.11 per cent and 36.70 per cent to the total trading volume and value respectively. The conglomerates sector followed with 102.969 million shares worth N236.618 million in 858 deals, while the third place was the consumer goods counter with a turnover of 102.937 million shares worth N2.616 billion in 3,167 deals.

International Energy Insurance, Transcorp Hotels and Zenith Bank accounted for 798.900 million shares worth N2.602 billion in 3,110 deals, contributing 51.69 per cent and 15.98 per cent to the total trading volume and value 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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