Weekly Investment in Nigerian Stocks Drops to N9.5bn

By Dipo Olowookere

Investment in Nigerian stocks declined last week to N9.5 billion from N11.5 billion in the preceding week just as the All-Share Index and market capitalisation declined by 0.18 per cent to close at 38,256.95 points and N19.940 trillion respectively.

Data from the Nigerian Exchange (NGX) Limited showed that similarly, all other indices finished lower with the exception of premium, pension, insurance and oil/gas indices, which appreciated by 0.96 per cent, 0.16 per cent, 1.01 per cent and 0.85 per cent respectively, while the ASeM index closed flat.

A total of 1.0 billion shares were traded in 17,577 deals in the week compared with the 1.1 billion shares exchanged in 17,233 deals in the preceding week.

It was observed that financial equities dominated the trading week with 687.6 million units worth N5.659 billion carried out in 9,506 deals, accounting for 66.29 per cent and 59.75 per cent of the total trading volume and value respectively.

Shares in the conglomerates sector recorded a turnover of 106.1 million units valued at N545.0 million in 1,146 deals, while ICT shares accounted for 84.3 million units N350.7 million executed in 604 deals.

Business Post reports that Zenith Bank, GTBank and Fidelity Bank were the most traded equities last week with the sale of 229.5 million units worth N4.3 billion in 3,634 deals, contributing 22.12 per cent and 45.20 per cent to the total trading volume and value respectively.

A total of 32 stocks appreciated in price, higher than 26 stocks in the previous week, while 30 equities depreciated in price, lower than 41 equities in the previous week, with 98 shares closing flat, higher than 93 shares of the earlier week.

Regency Alliance was the best-performing stock with a price appreciation of 44.12 per cent, closing at 49 kobo, followed by Consolidated Hallmark Insurance, which gained 43.14 per cent to sell for 73 kobo.

Royal Exchange improved by 30.65 per cent to 81 kobo, C&I Leasing rose by 19.21 per cent to N4.84, while Vitafoam appreciated by 12.22 per cent to N10.10.

Conversely, ABC Transport was the worst-performing stock with a price decline of 17.07 per cent to settle at 34 kobo, trailed by Academy Press, which lost 15.38 per cent to close at 33 kobo.

Nigerian Enamelware went down by 9.75 per cent to N16.20, FTN Cocoa dropped 9.52 per cent to 38 kobo, while AIICO Insurance declined by 8.66 per cent to N1.16.