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Nigerian Cable Manufacturers Seek AfCFTA Market Opportunities

By Dipo Olowookere

Last week, on the floor of the Nigerian Exchange (NGX) Limited, Sterling Bank, Access Holdings, and GTCO recorded the highest weekly sales, trading 394.878 million shares worth N2.847 billion in 2,274 deals, accounting for 48.51 per cent and 23.33 per cent of the 814.089 million shares worth N12.204 billion transacted in 15,488 deals in the week.

A week earlier, the stock exchange recorded the sale of 1.225 billion equities worth N15.243 billion in 15,317 deals, indicating a decline in the market turnover.

Like in the preceding week, the financial services industry led the activity chart with 663.799 million shares valued at N5.517 billion traded in 7,240 deals, contributing 81.54 per cent and 45.21 per cent to the total trading volume and value, respectively.

The ICT space followed with 44.358 million shares worth N4.493 billion in 1,136 deals, while the third place was the consumer goods sector, with a turnover of 27.372 million shares worth N1.187 billion in 3,051 deals.

Data showed that the All-Share Index (ASI) and the market capitalisation appreciated by 0.89 per cent last week to 49,316.29 points and N26.861 trillion, respectively.

Similarly, all other indices finished higher except the consumer goods, growth and sovereign bond indices, which fell by 0.20 per cent, 0.52 per cent, and 0.44 per cent, respectively.

In the five-day trading week, 32 stocks increased their share prices, higher than 31 stocks of the previous week, while 28 shares declined, more than the 26 shares in the previous week, with 97 equities closing flat, lower than 100 equities of the preceding week.

Learn Africa was on top of the gainers’ log after it grew by 28.48 per cent to N2.12. Thomas Wyatt appreciated by 18.75 per cent to 57 Kobo, Cornerstone Insurance rose by 13.04 per cent to 52 Kobo, Coronation Insurance increased by 10.81 per cent to 41 Kobo, and Smart Products inflated by 10.00 per cent to 22 Kobo.

On the flip side, McNichols topped the losers’ table as its price went down by 11.48 per cent to 54 Kobo, Academy Press declined by 9.70 per cent to N1.21, Prestige Assurance depreciated by 8.70 per cent to 42 Kobo, Multiverse lost 8.51 per cent to N3.98, and Axa Mansard dropped 8.04 per cent to N1.83.

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