By Dipo Olowookere
Investors reacted negatively to the financial statements of Oando Plc released last week on the floor of the Nigerian Exchange (NGX) Limited by reducing their exposure to the stock.
The energy firm ended the week as the worst-performing stock after it posted a week-on-week loss of 19.57 per cent to trade at N9.25.
Sovereign Trust Insurance depleted by 18.18 per cent to 36 Kobo, Thomas Wyatt lost 16.82 per cent to close at N1.78, FBN Holdings declined by 16.26 per cent to N20.35, and Wema Bank fell by 12.59 per cent to N6.25.
Conversely, the best-performing stock for the week was Sunu Assurances, which grew by 25.00 per cent to N1.25, CAP appreciated by 20.21 per cent to N28.85, Livestock Feeds rose by 14.48 per cent to N1.66, Japaul increased by 14.37 per cent to N1.91, and Unilever Nigeria jumped by 11.03 per cent to N15.10.
Business Post reports that 27 equities appreciated last week versus 13 equities in the previous week, 43 stocks depreciated versus 62 stocks in the previous week, and 84 shares closed flat versus 79 shares of the earlier week.
Profit-taking continued in the week as appetite for the equity market waned due to an unimpressive macroeconomic environment, including rising costs of food, transport, energy, and others.
Consequently, the All-Share Index and the market capitalisation depreciated by 1.39 per cent each to 98,152.91 points and N55.512 trillion, respectively.
Similarly, all other indices finished lower except insurance, MERI Growth, MERI Value and industrial goods sectors, which appreciated by 0.02 per cent, 1.13 per cent, 0.09 per cent, and 0.38 per cent apiece, while the ASeM and Sovereign Bond indices closed flat.
In the week, investors transacted 1.839 billion shares worth N34.258 billion in 37,528 deals, in contrast to the 1.597 billion shares worth N32.313 traded a week earlier in 44,915 deals.
Financial equities led the activity chart with 1.129 billion units valued at N22.290 billion in 22,008 deals, contributing 61.38 per cent and 65.06 per cent to the total trading volume and value, respectively.
Conglomerates shares followed with 194.179 million units worth N2.822 billion in 1,923 deals, and construction/real estate stocks posted a turnover of 130.702 million units worth N649.957 million in 556 deals.
UBA, Access Holdings, and Transcorp accounted for 582.024 million shares worth N10.571 billion in 8,849 deals, contributing 31.65 per cent and 30.86 per cent to the total trading volume and value, respectively.
Related
