Investors applied caution in their exposure to Nigerian stocks last week after evaluating data from the National Bureau of Statistics (NBS) and the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).
Last Tuesday, the NBS, after rebasing their Consumer Price Index (CPI), said inflation for January 2025 was 24.48 per cent compared with the 34.80 per cent recorded in December 2024. Two days last, the central bank retained the Monetary Policy Rate (MPR), also known as the interest rate, at 27.50 per cent.
Traders at the Nigerian Exchange (NGX) Limited examined the data and decided to cut down their investment in equities, leading to sale of 2.001 billion shares worth N49.486 billion in 70,853 deals compared with the 2.414 billion shares valued at N55.512 billion traded in 80,988 deals in the preceding week.
Business Post reports that financial stocks led the activity chart with 1.199 billion units sold for N26.325 billion in 30,527 deals, contributing 59.91 per cent and 53.20 per cent to the total trading volume and value, respectively.
Agriculture shares recorded a turnover of 234.002 million units valued at N1.683 billion in 3,191 deals, and consumer goods equities traded 173.829 million units worth N7.150 billion in 8,903 deals.
Access Holdings, Ellah Lakes, and Fidelity Bank accounted for 618.543 million units worth N11.207 billion in 7,159 deals, contributing 30.92 per cent and 22.65 per cent to the total trading volume and value, respectively.
Abbey Mortgage Bank was the best-performing stock in the week with 16.13 per cent rise to trade at N3.60, Smart Products Nigeria gained 15.38 per cent to quote at 30 Kobo, Dangote Sugar increased by 15.00 per cent to N41.40, BUA Foods grew by 11.91 per cent to N418.00, and Sovereign Trust Insurance soared by 11.86 per cent to N1.32.
On the flip side, Union Dicon lost 25.00 per cent to settle at N6.00, Ikeja Hotel shed 21.43 per cent to N11.00, UDPC declined by 17.99 per cent to N3.10, Academy Press fell by 16.52 per cent to N2.78, and Oando slipped by 15.71 per cent to N59.00.
When the market closed for the week, 28 equities appreciated versus 65 equities of the previous week, 58 stocks depreciated compared with 31 stocks of the preceding week, and 64 shares closed flat, in contrast to the 54 shares recorded a week earlier.
The All-Share Index (ASI) and the market capitalisation appreciated last week by 0.41 per cent and 0.29 per cent each to 108,497.40 points and N67.614 trillion, respectively.
In the same vein, all other indices finished higher apart from the NGX CG, NGX Premium,
banking, pension, AFR Bank Value, AFR Div Yield, MERI Growth, MERI Value, energy, growth and commodity indices, which depreciated by 2.09 per cent, 1.15 per cent, 3.22 per cent, 1.22 per cent, 3.25 per cent, 1.79 per cent, 2.39 per cent, 2.78 per cent, 2.87 per cent, 0.25 per cent and 0.50 per cent, respectively.