Traders exchange N154bn stocks as NGX suspends Unity Bank, Mutual Benefits, Lasaco shares

TRADING activity on the Nigerian Exchange (NGX) strengthened in the week ended July 3, with investors exchanging shares worth N154.39 billion, representing a 14.8 percent increase from the previous week’s N134.49 billion.

According to the NGX weekly market report, a total of 3.82 billion shares changed hands in 258,567 deals, up from 2.32 billion shares traded in 249,328 deals a week earlier.

Despite the improvement in trading value and volume, the equities market closed on a bearish note. The All-Share Index (ASI) declined by 2,808.68 basis points, or 1.21 percent, settling at 229,240.34 points from 232,049.02 points recorded the previous week.

Similarly, the market’s total capitalisation fell to N147.10 trillion, down from N151.33 trillion at the close of the preceding week.

The NGX also announced the suspension of trading in the shares of Unity Bank Plc, Mutual Benefits Assurance Plc, and Lasaco Assurance Plc.

Financial services dominate trading

The financial services sector retained its position as the most active segment of the market, accounting for 2.33 billion shares valued at N54.61 billion across 108,978 deals. The sector contributed 60.99 percent of total trading volume and 35.37 percent of the total value traded during the week.

The services sector ranked second after recording 509.47 million shares worth N16.35 billion in 16,527 deals, while the consumer goods industry posted 216.34 million shares valued at N8.06 billion across 25,963 transactions.

Most active stocks

Sterling Financial Holdings Company Plc, Access Holdings Plc, and Ikeja Hotel Plc emerged as the week’s most actively traded equities by volume.

Together, the companies accounted for 1.41 billion shares worth N28.37 billion in 12,898 deals, representing 36.78 percent of the total volume traded and 18.37 percent of the market’s total value.

Top gainers

Airtel Africa Plc topped the gainers’ table after its share price advanced 21 percent from N4,358.80 to N5,274. It was followed by Regency Assurance Plc, which appreciated 20.25 percent, rising from N0.79 to N0.95.

UPDC Plc gained 12.31 percent to close at N3.65 from N3.25, while DAAR Communications Plc added 7.84 percent, increasing from N1.53 to N1.65.

SUNU Assurances Nigeria Plc also posted a 7.50 percent gain, ending the week at N3.87.

Top losers

On the losers’ chart, International Energy Insurance Plc recorded the steepest decline, dropping 18.83 percent from N5.79 to N4.70.

MCNichols Plc fell 18.60 percent to N7 from N8.60, while University Press Plc declined 17.54 percent, closing at N4.70 from N5.70.

Also, R T Briscoe Plc lost 13.98 percent, with its share price falling from N11.80 to N10.15, while UPDC Real Estate Investment Trust shed 13 percent, declining from N10 to N8.70.