Dipo Olowookere
By Dipo Olowookere
Last week, SAHCO was the best-performing stock on the floor of the Nigerian Exchange (NGX) Limited, appreciating by 43.83 per cent to close at N23.30.
SAHCO shares posted significant growth as a result of the interest attracted from value investors in the market. They went for the company’s equities because they believed the stocks could yield more value in the future.
Business Post reports that the trading week was marred with profit-taking, but SAHCO and others helped the NGX post a marginal 0.02 per cent week-on-week growth.
Consequently, the All-Share Index (ASI) and the market capitalisation closed higher at 65,056.39 points and N35.403 trillion, respectively.
Similarly, all other indices finished higher except the NGX Main Board, NGX CG, banking, insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, consumer goods and industrial goods indices, which fell by 0.16 per cent, 0.90 per cent 2.21 per cent, 1.60 per cent, 2.20 per cent, 1.78 per cent, 0.65 per cent, 2.36 per cent and 0.31 per cent apiece, while the ASeM and sovereign bond indices closed flat.
In the week, Lasaco Assurance improved by 26.88 per cent to N2.03, NASCON jumped 24.14 per cent to N36.00, FTN Cocoa rose by 23.50 per cent to N2.47, and Japaul increased by 21.43 per cent to N1.02.
Conversely, Cadbury Nigeria depreciated by 26.76 per cent to N12.45, John Holt lost 23.08 per cent to trade at N2.20, Multiverse shed 19.68 per cent to N2.98, Thomas Wyatt declined by 17.20 per cent to N1.30, and Nigerian Breweries dwindled by 16.38 per cent to N36.50.
At the close of business, 39 stocks gained weight compared with 73 stocks of the preceding week, 54 equities depreciated in price versus 19 equities in the previous week, while 62 stocks closed flat versus 64 stocks of the earlier week.
Investors traded 2.854 billion shares worth N37.645 billion in 41,547 deals in the week compared with the 4.182 billion shares worth N99.048 billion traded a week earlier in 41,446 deals.
The financial services sector maintained its spot on the activity chart with 1.936 billion equities valued at N27.704 billion traded in 20,839 deals, contributing 67.84 per cent and 73.59 per cent to the total trading volume and value, respectively.
The energy space trailed with 328.578 million shares worth N2.073 billion in 3,252 deals, and the conglomerates industry was in third with 156.660 million stocks worth N692.091 million in 2,139 deals.
FBN Holding, Japaul and UBA accounted for 988.076 million shares valued at N13.278 billion transacted in 5,887 deals, contributing 34.62 per cent and 35.27 per cent to the total trading volume and value apiece.
