Business News

NGX Index Advances by 0.50% as Ecobank, MTN, Others Gain

By Dipo Olowookere

Transactions on the floor of the Nigerian Exchange (NGX) Limited last week closed bearish with a week-on-week decline of 0.14 per cent, with the All-Share Index (ASI) and the market capitalisation closing at 51,705.61 points and N27.875 trillion respectively.

Similarly, all other indices finished lower with the exception of the CG, premium, banking, pension, NGX Afr bank value, energy and lotus indices, which appreciated by 0.86 per cent, 1.50 per cent, 0.33 per cent, 0.40 per cent, 0.16 per cent, 0.32 per cent and 0.55 per cent respectively, while the Asem and growth indices closed flat.

In the week, 16 equities gained points compared with the 13 equities of the previous week, while 56 stocks shed weight in contrast to the 51 stocks of the preceding week, with 84 shares closing flat as against the 92 shares of the earlier week.

Data from the exchange showed that CWG was the worst-performing stock as it fell by 14.89 per cent to 80 kobo, RT Briscoe dropped 14.29 per cent to 48 kobo, GlaxoSmithKline depreciated by 13.28 per cent to N6.10, John Holt lost 11.27 per cent to 63 kobo, while Academy Press went down by 10.00 per cent to N1.17.

On the flip side, NAHCO finished the five-day trading week as the best-performing stock as it gained 10.53 per cent to settle at N8.40, Champion Breweries appreciated by 10.00 per cent to N3.74, MRS Oil Nigeria rose by 9.80 per cent to N16.25, FBN Holdings improved by 8.76 per cent to N10.55, while Royal Exchange climbed higher by 6.59 per cent to 97 kobo.

Last week, investors bought and sold 1.121 billion shares worth N13.703 billion in 22,350 deals versus the 940.892 million shares valued at N11.494 billion transacted a week earlier in 20,077 deals.

FCMB, UBA and Oando accounted for 407.770 million shares worth N2.009 billion in 2,181 deals, contributing 36.39 per cent and 14.66 per cent to the total trading volume and value respectively.

A further breakdown showed that financial stocks led the activity chart with the sale of 806.824 million equities worth N6.075 billion in 11,071 deals, accounting for 71.99 per cent and 44.33 per cent of the total equity turnover volume and value respectively.

Energy shares recorded a turnover of 95.031 million units valued at N1.449 billion in 1,849 deals, while conglomerates goods equities traded 66.716 million units valued at N169.517 million in 733 deals.

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