Traders Increase Investment in Nigerian Stocks by 16.6% in One Week

By Dipo Olowookere

Nigerian stocks attracted more investments last week than the preceding week as a result of renewed confidence in the market, as traders quickly take a position, especially in large-cap equities, ahead of the release of financial results in the coming months.

The Nigerian Exchange (NGX) Limited has been impressive in 2023, and there are indications that next year will be better. Those who have missed out on the goodies this year are already positioning themselves for 2024 so as not to be left behind again.

Consequently, the bourse witnessed an improvement in the value of transactions by 16.6 per cent to N45.070 billion from the N38.644 billion recorded a week earlier.

However, the volume of transactions went down to 2.423 billion shares from 2.543 billion shares, and the number of deals decreased to 34,704 deals from 36,138 deals.

Universal Insurance, UBA and GTCO topped the activity chart after trading 543.315 million shares worth N10.577 billion in 3,860 deals, contributing 22.43 per cent and 23.47 per cent to the total trading volume and value, respectively.

Financial stocks were the most active in the week, selling 1.726 billion units worth N22.760 billion in 18,190 deals, contributing 71.23 per cent and 50.50 per cent to the total trading volume and value apiece.

Conglomerates shares trailed with 201.478 million units valued at N2.350 billion in 1,533 deals, as consumer goods equities posted a turnover of 127.468 million units worth N3.671 billion in 4,113 deals.

Business Post reports that 49 shares gained weight in the week versus 32 shares in the preceding week, 33 stocks lost weight versus 49 stocks in the previous week, and 73 equities closed flat, the same as the earlier week.

Multiverse topped the advancers’ log after growing by 57.02 per cent to N9.39, Thomas Wyatt rose by 32.80 per cent to N3.32, Infinity Trust Mortgage Bank appreciated by 32.09 per cent to N1.77, Ecobank jumped by 21.35 per cent to N20.75, and Secure Electronic Technology soared by 17.19 per cent to 75 Kobo.

On the flip side, Consolidated Hallmark lost 12.70 per cent to settle at N1.10, Oando slumped by 12.29 per cent to N10.35, Abbey Mortgage Bank weakened by 10.47 per cent to N1.54, MRS Oil deflated by 9.96 per cent to N99.00, and Tantalizers fell by 9.62 per cent to 47 Kobo.

On a week-on-week basis, the All-Share Index (ASI) and the market capitalisation appreciated by 0.17 per cent to 71,541.74 points and N39.149 trillion, respectively.

Similarly, all other indices finished higher except for NGX Main Board, insurance, ASeM, energy, Lotus II and industrial goods, which went down by 0.54 per cent, 1.44 per cent, 1.03 per cent, 0.58 per cent, 0.22 per cent and 3.03 per cent, respectively while the sovereign bond index closed flat.