Dipo Olowookere
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited recorded the sale of 711.618 million shares worth N15.338 billion in 16,662 deals last week, higher than the 694.376 million shares valued at N8.667 billion transacted in 15,418 deals the preceding week.
This improvement in the total weekly trades was triggered by renewed interest in the stock market by offshore and domestic investors as they buy up shares trading at low prices ahead of the festive period when traders normally sell for profit.
Business Post reports that financial equities were the most attractive in the week, transacting 461.230 million units worth N3.697 billion in 7,653 deals, contributing 64.81 per cent and 24.10 per cent to the total trading volume and value, respectively.
Conglomerates shares followed with 99.881 million units worth N139.213 million in 582 deals, while ICT stocks traded 37.953 million units valued at N7.577 billion in 1,050 deals.
It was observed that Transcorp, AIICO Insurance, and Zenith Bank traded 194.600 million units worth N1.191 billion in 1,974 deals, accounting for 27.35 per cent and 7.76 per cent of the total trading volume and value apiece.
Nigerian Breweries recorded the highest price appreciation as its value rose by 18.67 per cent to N48.95, Sovereign Trust Insurance appreciated by 16.67 per cent to 28 Kobo, Prestige Assurance improved by 16.22 per cent to 43 Kobo, Cornerstone Insurance gained 15.91 per cent to close at 51 Kobo, and Airtel Africa grew by 14.17 per cent to N1,450.00.
However, Nestle Nigeria suffered the heaviest loss as it dropped 20.67 per cent to trade at N963.90, Capital Hotel decreased by 10.00 per cent to N3.06, SCOA Nigeria went down by 9.30 per cent, CWG lost 9.09 per cent to close at 80 Kobo, and Royal Exchange declined by 8.97 per cent to 71 Kobo.
At the close of trading in the week, 49 equities appreciated in price during the week, higher than 31 equities in the previous week, while 19 equities depreciated in price, lower than 33 equities in the previous week, with 89 equities closing flat, lower than 93 equities recorded in the previous week.
In the week, the All-Share Index (ASI) and the market capitalisation appreciated by 6.88 per cent to 47,554.34 points, and N25.902 trillion, respectively.
Similarly, all other indices finished higher except the energy and sovereign bond indices, which depreciated by 1.29 per cent and 0.32 per cent apiece, while the ASeM and growth indices closed flat.
