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Home Business & Finance Business

Investors Pump N29.299bn Into Stock Market in One Week

Quadri Olaitan by Quadri Olaitan
August 29, 2023
in Business
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The Nigerian Exchange (NGX) Limited had a mixture of lime and honey last week as a result of investors’ reactions to economic data, especially the unemployment rate, gross domestic product (GDP), and the foreign exchange (FX) market.

Amid the roller coaster, the All-Share Index (ASI) and the market capitalisation managed to stand upright by 1.29 per cent on a week-on-week basis, closing at 65,558.91 points and N35.881 trillion apiece.

Similarly, all other indices finished higher except NGX CG, NGX Premium, banking, NGX AFR. Bank Value, NGX MERI Value, energy, industrial goods and growth indices, which depreciated by 1.63 per cent, 0.96 per cent, 3.57 per cent, 1.82 per cent, 0.71 per cent, 1.69 per cent, 0.01 per cent and 1.74 per cent, respectively while the ASeM and sovereign bond indices closed flat.

In the five-day trading week, investors traded 1.812 billion shares worth N29.299 billion in 31,163 deals compared with the 1.689 billion shares valued at N29.407 billion traded in 29,477 deals the previous week.

Financial equities dominated the activity chart with 936.685 million units worth N10.116 billion traded in 12,886 deals, contributing 51.68 per cent and 34.53 per cent to the total trading volume and value apiece.

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Conglomerates stocks followed with 461.589 million units worth N2.333 billion in 3,451 deals, while consumer goods shares occupied the third spot with 127.310 million units valued at N5.003 billion in 5,792 deals.

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Transcorp, Fidelity Bank and Access Holdings were the busiest stocks after selling 693.533 million units worth N5.030 billion in 5,450 deals, accounting for 38.26 per cent and 17.17 per cent of the total trading volume and value.

Business Post reports that 32 shares were on the gainers’ chart in the week versus 29 shares of the preceding week, 46 equities ended on the losers’ table versus 56 equities of the earlier week, while 77 stocks closed flat compared with 70 stocks of the previous trading week.

ABC Transcorp gained 41.67 per cent to finish at 68 Kobo, Transcorp increased by 39.42 per cent to N5.80, Dangote Sugar soared by 35.71 per cent to N47.50, Thomas Wyatt rose by 31.78 per cent to N1.70, and CWG jumped by 31.58 per cent to N5.00.

However, Tantalizers dropped 27.50 per cent to quote at 29 Kobo, Red Star Express declined by 17.43 per cent to N2.89, DAAR Communications fell by 15.63 per cent to 27 Kobo, Guinea Insurance crashed by 13.79 per cent to 25 Kobo, and Jaiz Bank lost 13.77 per cent to settle at N1.44.

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Quadri Olaitan
Quadri Olaitan

Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.

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