Weekly Investment in Nigerian Stocks Drops to N17.3bn

By Dipo Olowookere

Last week, Nigerian stocks witnessed a sharp decline in investment as they only attracted N17.3 billion from local and offshore investors, data obtained by Business Post indicated.

In the week, investors bought and sold 1.278 billion shares in 21,052 deals compared with the 3.435 billion shares traded in 21,109 deals, which were worth N30.9 billion.

A breakdown showed that FBN Holdings, GTCO, Guaranty Trust Holding Company and Access Bank accounted for 470.7 million units worth N6.6 billion in 3,887 deals, contributing 36.82 per cent and 37.90 per cent to the total trading volume and value respectively.

It was further discovered that financial stocks led the activity chart by volume with a turnover of 984.5 million units valued at N10.3 billion traded in 11,029 deals, contributing 77.01 per cent and 59.09 per cent to the total trading volume and value respectively.

Consumer goods equities trailed with 78.7 million units worth N2.3 billion in 3,137 deals, while conglomerates shares recorded a turnover of 48.7 million units valued at N69.8 million carried out in 647 deals.

On the price movement log, 18 equities appreciated in price during the week, lower than 29 equities in the previous week, while 49 equities depreciated in price, higher than 36 equities in the previous week, with 89 equities closing flat, lower than 91 equities recorded in the previous week.

NEM Insurance was the highest price gainer with 18.42 per cent to trade at N2.25, Meyer gained 10.00 per cent to sell at 22 kobo, Linkage Assurance grew by 9.80 per cent to 56 kobo, Prestige Assurance rose by 8.51 per cent to 51 kobo, while Academy Press jumped 8.33 per cent to 39 kobo.

On the other hand, UPDC was the heaviest price loser with 24.43 per cent to quote at 99 kobo, Consolidated Hallmark Insurance moderated by 20.00 per cent to 44 kobo, UPDC REIT lost 18.81 per cent to settle at N4.10, FTN Cocoa retreated by 12.50 per cent to 35 kobo, while MTN Nigeria depreciated by 12.11 per cent to N167.00.

When the market closed for the week last Friday, the All-Share Index (ASI) and market capitalisation of the Nigerian Exchange (NGX) Limited depreciated by 2.63 per cent to 42,167.91 points and N22.003 trillion respectively.

Similarly, all other indices finished lower with the exception of the insurance index, which appreciated by 2.97 per cent, while the ASeM, growth and sovereign bond indices closed flat.