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How Nigerian stocks performed in second week of January


1min read

THE performance of Nigerian stocks in the second week of January was better than that of the first week, The ICIR checks have shown.

This is understandable given that many investors were returning from Christmas and New Year festivities in the first week, said Matthew Ibeabuchi, a stock market analyst.

The number of deals traded in the Nigerian Stock Exchange (NSE) in the second week of January grew 13.12 percent from the week before, according to a report by the NSE released on Monday.

A total turnover of 3.447 billion shares valued at 32.73 billion naira in 30,327 deals were traded last week by investors on the floor of the Exchange, as against 3.39 billion shares estimated at 19.87 billion naira traded the previous week in 26,808 deals.

The financial services industry (measured by volume) led the activity chart with 1.714 billion shares worth 13.352 billion naira traded in 15,102 deals. The industry contributed 49.74 percent and 40.80 percent to the total equity turnover volume and value respectively, said the NSE.

It was followed by the construction/real estate industry with 768.131 million shares valued at 4.203 billion naira in 430 deals.

Next was the conglomerates industry, which had a turnover of 279.799 million shares worth 578.694 million naira in 1,199 deals.

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“Trading in the top three equities namely, UPDC Real Estate Investment Trust, Mutual Benefits Assurance Plc and Transnational Corporation of Nigeria Plc (measured by volume) accounted for 1.224 billion shares worth 4.459 billion naira in 929 deals, contributing 35.52 percent and 13.63 percent to the total equity turnover volume and value respectively,” the NSE noted.

About 5,338 deals were recorded on January 11 as against 5,592 deals on January 12. Also, 5,702 deals were traded on January 13, which increased to 6,708 deals the next day. Last Friday, January 15, the number of deals traded on the floor of Exchange rose to 6,987 deals.

In terms of bonds, 11,420 units estimated at 12.325 million naira were traded last week in 17 deals compared with a total of 10,051 units worth 12.591 million naira transacted last week in 27 deals.

A bond is a debt or “fixed income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental),” according to Investopedia.

“The NSE All-Share Index and Market Capitalisation appreciated by 2.63 percent to close the week at 41,176.14 and N21.530 trillion respectively.

Top gainers included Japaul Gold& Ventures plc, Mutual Benefits Assurance and Royal Exchange, among others, On the other hand, top losers included Cutix plc, Daar Communications and Chellarams, among others.

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