By Dipo Olowookere
Nigerian stocks witnessed a decline of 49.7 per cent or N47.291 billion last week as the Central Bank of Nigeria (CBN) raised the stop rates of treasury bills to 19 per cent.
Data obtained by Business Post from the Nigerian Exchange (NGX) Limited showed that in the period under review, investors only transacted 2.478 billion shares worth N47.856 billion in 54,982 deals versus the 3.893 billion shares valued at N95.147 billion transacted in 69,117 deals in the preceding week.
Analysis revealed that FBN Holdings, Transcorp, and Jaiz Bank accounted for 732.804 million equities sold for N13.705 billion in 7,040 deals, contributing 29.57 per cent and 28.64 per cent to the total trading volume and value, respectively.
Financial stocks topped the activity chart with 1.687 billion units worth N28.514 billion in 25,751 deals, contributing 68.10 per cent and 59.58 per cent to the total trading volume and value apiece.
Conglomerates shares trailed with 210.272 million units worth N2.988 billion in 4,419 deals, and energy equities traded 203.777 million units worth N2.139 billion in 4,544 deals.
In the week, Meyer topped the gainers’ chart after gaining 60.70 per cent to finish at N6.91, Juli appreciated by 44.29 per cent to N1.01, Geregu Power expanded by 19.00 per cent to N675.90, Cornerstone Insurance rose by 17.37 per cent to N2.23, and May & Baker grew by 11.75 per cent to N7.04.
Conversely, Eterna lost 18.78 per cent to trade at N17.95, Abbey Mortgage Bank fell by 18.39 per cent to N2.44, Unity Bank tripped by 17.79 per cent to N2.31, Mutual Benefits slipped by 17.57 per cent to 61 Kobo, and Sterling Holdings dropped 15.45 per cent to N5.58.
When trading activities ended for the week last Friday, 20 stocks appreciated versus 27 stocks of the previous week, 68 equities depreciated versus 64 equities of the preceding week, and 66 shares closed flat versus 64 shares of the earlier week.
Profit-taking activities dominated the week, bringing down the All-Share Index (ASI) by 2.45 per cent to 101,858.37 points and the market capitalisation by 2.49 per cent to N55.735 trillion.
Apart from the ASeM index, which gained 4.63 per cent in the week, all other indices finished lower.
