58 Stocks Influence NGX’s 1.41% Week-on-Week Growth

By Dipo Olowookere

The All-Share Index (ASI) and the market capitalisation of the Nigerian Exchange (NGX) Limited recorded a 1.41 per cent week-on-week appreciation last week to settle at 99,448.91 points and N60.261 trillion, respectively.

Also, all other indices finished higher apart from the consumer goods and the Lotus II indices, which depreciated by 0.84 per cent, 1.19 per cent, respectively, with the ASeM index closing flat.

Business Post reports that the growth achieved last week was largely driven by the gains printed by 58 stocks on the trading platform, higher than 33 stocks recorded in the preceding session.

This was mainly due to bargain-hunting activities by investors, who showed renewed appetite for local equities despite inflationary pressure from the macroeconomic environment.

In the week, the NGX had 18 price losers versus 43 in the previous week, while 76 shares closed flat, same as in the previous week.

Eunisell Interlinked topped the gainers’ group after it chalked up 20.69 per cent to trade at N3.50, UBA appreciated by 18.50 per cent to N30.10, Unilever Nigeria rose by 18.42 per cent to N22.50, Abbey Mortgage Bank gained 16.91 per cent to sell for N3.25, and Oando inflated by 16.43 per cent to N89.65.

On the flip side, Dangote Sugar lost 10.13 per cent to quote at N31.50, John Holt declined by 9.84 per cent to N2.75, Secure Electronic Technology tumbled by 9.68 per cent to 56 Kobo, Regency Assurance crashed by 8.20 per cent to 56 Kobo, and International Breweries depreciated by 6.24 per cent to N4.06.

As for the activity chart, Customs Street posted a turnover of 2.142 billion shares worth N85.946 billion in 41,217 deals versus the 1.447 billion shares valued at N73.889 billion traded in 39,546 deals a week earlier.

Financial shares dominated the chart with 1.176 billion units sold for N23.739 billion in 19,570 deals, contributing 54.91 per cent and 27.62 per cent to the total trading volume and value, respectively.

Consumer goods stocks followed with 366.923 million units worth N4.672 billion in 4,004 deals, and energy equities transacted 228.439 million units valued at N52.635 billion in 7,547 deals.

UBA, Champion Breweries, and Japaul accounted for 828.822 million units worth N12.319 billion in 5,080 deals, contributing 38.70 per cent and 14.33 per cent to the total trading volume and value, respectively.