Nigerian Stocks Attract N52.967bn Investment in One Week

Nigerian stocks witnessed higher turnover in the week due to panic selling by the market participants, triggered by happenings in the global scene, especially as regards the trade war between the United States and China.

Analysis showed that the financial services sector was the busiest in the period under review, trading 1.539 billion units valued at N36.353 billion in 36,013 deals, contributing 73.49 per cent and 68.63 per cent to the total trading volume and value, respectively.

The agriculture industry recorded the sale of 98.884 million units worth N 1.344 billion in 2,772 deals, and the services counter exchanged 93.000 million units for N522.147 million in 3,012 deals.

Access Holdings, GTCO, and Zenith Bank led the activity chart with 629.327 million units worth N25.820 billion in 12,742 deals, contributing 30.06 per cent and 48.75 per cent to the total trading volume and value, respectively.

Business Post reports that 27 equities appreciated in the week versus 23 equities in the previous week, 56 equities depreciated versus 51 equities in the previous week, and 64 equities remained unchanged versus 73 equities a week earlier.

VFD Group topped the gainers’ log after chalking up 53.86 per cent to close at N87.70, Union Dicon expanded by 31.03 per cent to N7.60, Abbey Mortgage Bank jumped by 29.60 per cent to N6.13, FTN Cocoa rose by 18.75 per cent to N1.90, and TotalEnergies grew by 9.61 per cent to N745.00.

The losers’ chart was led by Royal Exchange after it lost 20.79 per cent to settle at 80 Kobo, Cornerstone Insurance declined by 15.15 per cent to N2.80, Sovereign Trust Insurance tumbled by 15.00 per cent to 85 Kobo, Lasaco Assurance shed 12.82 per cent to finish at N2.04, and CAP dwindled by 11.70 per cent to N41.50.

Data showed that the All-Share Index (ASI) and the market capitalisation depreciated by 0.90 per cent and 0.67 per cent each to 104,563.34 points and N65.707 trillion, respectively.

Similarly, all other indices finished lower apart from the growth and sovereign bond indices, which appreciated by 0.37 per cent and 3.42 per cent, respectively, while the AseM index closed flat.