Wema Bank
Wema Bank continues positive rally despite bears dominating Monday’s trading at NGX
Wema Bank continued from where it left off last week as it led the volume activity chart in Monday’s trading on the floor of the NGX nudging up a sale of 25.8 million shares valued at N22.3 million.
The trail was followed by Ellah Lakes, which sold 25.0 million stocks valued at N106.4 million.
The high trading came despite the low turnover in all-round share turnover, as the NGX’s All-Share Index (ASI) dropping by 243.49 points to 38,567.26 points from 38,810.75 points, while the market capitalisation contracted by N127 billion to N20.094 trillion from N20.221 trillion, during Monday’s activities at the bourse.
The market recorded a slight 0.63 per cent loss on resumption of trading, as predicted by Oracle Today, despite the positive close of last Friday activity at the NGX.
Index in industrial goods, insurance and banking sectors weakened the exchange as their respective index went down by 1.76 per cent, 0.61 per cent and 0.05 per cent.
However, a 1.01 per cent growth and 0.03 per cent increase was recorded by the energy and consumer goods index respectively.
During the session, there was a 16.20 per cent rise in the trading volume to 194.9 million units from 167.8 million units.
Also, there was a 17.23 per cent increase in the number of deals to 3,830 deals from 3,267 deals, while the trading value depreciated by 39.02 per cent to N1.0 billion from N1.7 billion.
Aside Wema bank which shares traded the most, others like Fidelity Bank transacted 16.1 million equities worth N38.7 million, Consolidated Hallmark Insurance exchanged 12.5 million securities for N6.8 million, while FCMB traded 9.5 million stocks worth N29.3 million.
On the opposite chart, University Press led the losers’ log after its share price went down by 9.79 per cent to N1.29 and was trailed by Linkage Assurance, which lost 7.81 per cent to trade at 59 kobo.
Other losers were NPF Microfinance Bank, which depreciated by 4.26 per cent to N1.80, Veritas Kapital, which dropped 4.17 per cent to quote at 23 kobo, and Courtville, which went down by 4.00 per cent to 24 kobo.
Topping the gainers’ chart was Conoil as a result of the 9.83 per cent increase in its equity value to N22.35.
Northern Nigerian Flour Mills grew by 9.76 per cent to N6. 75, Skyway Aviation rose by 9.18 per cent to N3.45, Academy Press appreciated by 7.89 per cent to 41 kobo, while Sunu Assurance gained 4.44 per cent to trade at 47 kobo.
