Shares of FTN Cocoa Surge 54.55% in One Week

By Dipo Olowookere

In one week, the shares of FTN Cocoa appreciated by 54.55 per cent on the floor of the Nigerian Exchange (NGX) Limited, closing at 68 Kobo.

The surge in the price of the company’s equities in the stock market was triggered by the demand by investors during the trading week, which was the last of former President Muhammadu Buhari.

FTN Cocoa topped the price gainers’ chart of 60 members, higher than the 44 equities on the log in the preceding week.

RT Briscoe followed after it rose by 40.74 per cent to 38 Kobo, Chams increased by 36.67 per cent to 41 Kobo, Tripple Gee improved by 32.20 per cent to N3.90, and University Press appreciated by 20.32 per cent to N2.25.

Business Post reports that 21 equities depreciated in price last week, lower than 27 equities in the previous week, with Sovereign Trust Insurance losing 20.00 per cent to 36 Kobo. Chellarams fell by 18.78 per cent to N1.47, Ardova declined by 13.90 per cent to N17.35, Royal Exchange shed 7.69 per cent to 48 Kobo, and Neimeth went down by 7.33 per cent to N1.39.

Data from the exchange showed that the prices of 75 shares remained unchanged in the week, lower than the 85 shares recorded a week earlier.

A total of 1.963 billion shares worth N33.899 billion in 30,827 deals exchanged hands in the five-day trading week, in contrast to the 3.029 billion shares worth N33.626 billion transacted in the previous week in 29,505 deals.

Financial stocks led the activity chart with 1.463 billion units valued at N18.028 billion in 15,593 deals, contributing 74.51 per cent and 53.18 per cent to the total trading volume and value, respectively.

Conglomerates equities recorded a turnover of 111.180 million units worth N371.360 million in 1,590 deals in the week, while consumer goods shares sold 106.594 million units valued at N2.544 billion in 4,641 deals.

UBA, Access Holdings and Zenith Bank were the busiest stocks in the week, with 800.611 million units valued at N11.751 billion in 7,351 deals, contributing 40.78 per cent and 34.66 per cent to the total trading volume and value apiece.

The renewed buying interest raised the All-Share Index (ASI) and the market capitalisation by 1.51 per cent to 52,973.88 points and N28.845 trillion, respectively.

Similarly, all other indices finished higher except industrial goods and Growth indices, which fell by 0.70 per cent and 1.33 per cent apiece, as the ASeM and sovereign bond indices closed flat.