Business Activities in Nigeria Worsen as Cash Crisis Sinks PMI to 42.3
By Dipo Olowookere
The stock price of Oando Plc appreciated by 34.12 per cent on the floor of the Nigerian Exchange (NGX) Limited last week to close at N5.70 versus the preceding week’s N4.25.
This appreciation happened after its share buy-out news and its return to profitability in the 2021 financial year, according to its financial statements released in the week.
Investors pounced on the information and pushed the energy firm to the top of the gainers’ chart last week, with Ikeja Hotel after it appreciated by 18.45 per cent to N1.22. Champion Breweries rose by 13.27 per cent to N5.55, Royal Exchange grew by 13.04 per cent to 78 Kobo, and UPDC increased by 11.46 per cent to N1.07.
On the flip side, Prestige Assurance topped the losers’ log after it depreciated by 11.11 per cent to 40 Kobo, NCR Nigeria shed 9.79 per cent to N2.12, CWG depleted by 9.38 per cent to 87 Kobo, Dangote Cement fell by 7.10 per cent to N17.00, and United Capital decreased by 6.67 per cent to N11.20.
Business Post reports that in the week, 37 stocks finished on the advancers’ chart versus 28 stocks in the previous week, while 30 equities were on the decliners’ table versus 27 equities in the preceding week, with 90 shares closing flat compared with 102 shares a week earlier.
Data showed that profit-taking dominated the ecosystem, leading to a 1.20 per cent decline in the All-Share Index (ASI) and the market capitalisation to close 54,232.34 points and N29.544 trillion, respectively.
It was observed that all other indices finished higher except NGX main board, NGX 30, energy, Lotus II, industrial goods and growth indices, which dwindled by 0.95 per cent, 1.24 per cent, 2.02 per cent, 0.70 per cent, 3.26 per cent and 2.53 per cent, respectively, while the ASeM and sovereign bond indices closed flat.
The turnover for the week increased to 2.071 billion shares worth N17.562 billion in 17,917 deals from the 1.689 billion shares worth N11.066 billion traded in 14,019 deals a week earlier.
The financial services industry dominated the activity chart with 948.792 million equities valued at N7.621 billion traded in 7,903 deals, contributing 45.80 per cent and 43.40 per cent to the total trading volume and value apiece.
The conglomerates sector followed with 930.664 million stocks worth N1.486 billion in 1,591 deals, while the energy counter recorded a turnover of 60.510 million shares worth N1.472 billion in 1,369 deals.
The trio of Transcorp, Living Trust Mortgage Bank and Fidelity Bank accounted for 1.429 billion stocks worth N3.461 billion in 1,620 deals, contributing 69.00 per cent and 19.71 per cent to the total trading volume and value, respectively.