Nigerian stocks rebound against two weeks’ loss

Ahead of the Christmas and New Year celebrations, analysts are anticipating another week of bullish run, as trading resumes at the floor of the Nigerian Exchange Limited.

The market had closed positive in the just-concluded week, amid bargain hunting, to hurt two weeks of straight losses.

The domestic bourse All-Share Index rose by 1.12 per cent week-on-week to close at 42,353.31 basis points, just as the market capitalisation appreciated by 1.16 per cent to close at N22.11tn with N253bn aggregated gains to investors.

At the close of the week’s trading, 96 equities remained unchanged, while 32 appreciated in price against 28 equities that depreciated.

Market statistics showed that most of the indices closed in green. The insurance, consumer goods and industrial indices gained 0.04 per cent, 0.63 per cent and 0.38 per cent to close at 190.93bps, 550.41bps and 2,081.14bps respectively. In contrast, the banking and oil and gas indices fell by 1.82 per cent and 0.57 per cent to close at 395.38bps and 350.65bps respectively.

Trading activity was weak despite the positive performance. As a result, deals, volume and value of stocks traded fell by 12.26 per cent, 49.92 per cent and 43.01 per cent to 18,292 deals, 1.32 billion units and N15.33bn respectively.

The financial services industry, measured by volume, led the activity chart with 899.768 million shares valued at N7.33bn in 9,326 deals. This accounted for 68.32 per cent and 47.78 per cent of the total equity turnover volume and value respectively.

Followed closely were the consumer goods industry with 209.502 million shares worth N2.796bn in 2,866 deals, and the conglomerates with a turnover of 93.813 million shares worth N663.14m in 485 deals.

The NGX noted in its weekly report that “trading in the top three equities namely FBN Holdings, International Breweries and Access Bank (measured by volume) accounted for 469.879 million shares worth N4.170bn in 1,958 deals, contributing 35.68 per cent and 27.20 per cent to the total equity turnover volume and value respectively.”

On the gainers’ table, Meyer’s share price led the pack rising by 27 per cent to close at 0.42k, followed by Royal Exchange, FTN Cocoa Processors and Pharma-Deko share prices, which rose by 15 per cent, 14 per cent and 10 per cent to close at 0.69k, 0.42 and N2.20 respectively.

Leading the losers’ table, the share price of Champion Breweries fell by 14 per cent to close at N2.34, while UPDC and E-Tranzact International share prices dipped by 10 per cent apiece to close at N1.06 and N1.89 respectively even as Cutix also lost nine per cent to close at N2.40.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Get in Touch


Please enter your comment!
Please enter your name here

Related Articles