Economy

Supply Fears, Weak US Dollar Bolster Oil Prices by 2%

By Dipo Olowookere

The share price of Nigerian Aviation Handling Company (NAHCO) Plc depreciated by 33.73 per cent last after the qualification date for the 41 Kobo dividend payment and bonus share of one to five proposed by the board.

Business Post reports that in the five-day trading week, the value of the company’s equities declined to N5.50 per unit compared with the preceding week’s N8.30 per unit.

It was one of the 36 stocks that depreciated in price in the week, higher than the 32 stocks of the previous week as Caverton lost 16.79 per cent to trade at N1.14. Honeywell Flour crashed by 14.55 per cent to N2.35, FTN Cocoa depleted by 14.29 per cent to 30 Kobo, while Nigerian Breweries went down by 10.92 per cent to N49.75.

In the week, prices of 19 equities appreciated, lower than 20 equities of the earlier week. Cornerstone Insurance gained 26.32 per cent to settle at 72 Kobo, Seplat rose by 10.00 per cent to N1430.50, Linkage Assurance grew by 9.43 per cent to 58 Kobo, The Initiates expanded by 9.09 per cent to 48 Kobo, while RT Briscoe increased by 8.11 per cent to 40 Kobo.

The selling pressure affected the outcome of the Nigerian Exchange (NGX) Limited in the week as the All-Share Index (ASI) and the market capitalisation shed 0.45 per cent week-on-week to close at 51,979.92 points and N28.031 trillion respectively.

Similarly, all other indices finished lower with the exception of the insurance, MERI growth, oil/gas, growth and sovereign bond indices which appreciated by 1.81 per cent, 1.01 per cent, 3.80 per cent, 0.41 per cent and 0.15 per cent, while the ASeM index remained unchanged.

Last week, traders bought and sold 917.190 million shares worth N14.803 billion in 19,513 deals, higher than the 504.322 million shares valued at N7.517 billion transacted a week earlier in 12,393 deals.

A breakdown showed that financial stocks accounted for 70.63 per cent and 42.27 per cent of the total trading volume and value after recording the sale of 648.207 million units valued at N6.258 billion in 9,293.

Consumer goods stocks traded 102.605 million units worth N3.211 billion in 3,016 deals, while conglomerates equities recorded the sale of 36.218 million units worth N193.474 million in 562 deals.

UBA, GTCO and Access Holdings were the busiest stocks with a turnover of 355.624 million units valued at N4.120 billion traded in 3,486 deals, accounting for 38.77 per cent and 27.83 per cent of the total trading volume and value respectively.

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