It is another interesting week on the floor of the Nigeria Stock Exchange. Week 7 of 2024 marks the first week of trading since the Central Bank of Nigeria revised its approach of baselining the exchange rate between the US dollar and the Naira. It certainly provides a view of investors’ confidence in the economy’s trajectory.
During week 7 of trading, a total turnover of 2.478 billion shares worth N47.856 billion in 54,982 deals was traded. This indicated a sharp decline in comparison to the volume traded in week 6 (the week that ended 5th February 2024) with a a total of 3.893 billion shares valued at N95.147 billion that exchanged hands last week in 69,117 deals.
Stock volume and price analysis
The Financial Services Industry (measured by volume) led the activity chart with 1.687 billion shares valued at N28.514 billion traded in 25,751 deals; thus contributing 68.10% and 59.58% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 210.272 million shares worth N2.988 billion in 4,419 deals. The third place was the Oil and Gas Industry, with a turnover of 203.777 million shares worth N2.139 billion in 4,544 deals.
Trading in the top three equities namely FBN Holdings Plc, Transnational Corporation Plc, and Jaiz Bank Plc (measured by volume) accounted for 732.804 million shares worth N13.705 billion in 7,040 deals, contributing 29.57% and 28.64% to the total equity turnover volume and value respectively.
Top 10 Stocks by Price Gain
| Company | Gain (N) | % Gain |
| Meyer PLC | 2.61 | 60.70 |
| JULI PLC | 0.31 | 44.29 |
| Geregu Power PLC | 107.90 | 19.00 |
| Cornerstone Insurance | 0.33 | 17.37 |
| May & Baker PLC | 0.74 | 11.75 |
| Cadbury Nigeria PLC | 1.90 | 9.50 |
| MRS Oil Nigeria PLC | 9.00 | 6.94 |
| Red Star Express PLC | 0.25 | 6.94 |
| Deap Capatal Management & Trust PLC | 0.03 | 4.48 |
| BUA Foods PLC | 10.90 | 3.32 |
Top 10 Stocks by Price Decline
| Companies | Drop (N) | % Decline |
| Eterna PLC | 4.15 | 18.78 |
| Abbey Mortgage Bank PLC | 0.55 | 18.39 |
| Unity Bank PLC | 0.50 | 17.79 |
| Mutual Benefits Assurance PLC | 0.13 | 17.57 |
| Sterling Financial PLC | 1.02 | 15.45 |
| PZ Cussons Nigeria PLC | 5.50 | 15.11 |
| Jaiz Bank PLC | 0.42 | 14.48 |
| Fidelity Bank PLC | 1.85 | 14.45 |
| Neimeth International PLC | 0.29 | 13.88 |
| Chams Holding Company PLC | 0.40 | 13.79 |
Analysis for Daily Trading Analysis
The total volume of stocks traded for the week stood at about 2,4 billion shares. Monday 5th of February saw the highest volume traded with about 841 million shares valued at about N19.32 billion Friday 9th February, 2024 recorded the lowest volume of stocks traded. About 321 million shares were sold.
| Day of the Week | Deal | Turnover Volume | Turnover Value(N) | No. Stocks |
| 5-Feb-24 | 13,674 | 841,551,481 | 19,327,652,550.74 | 124 |
| 6-Feb-24 | 11,761 | 494,194,208 | 7,596,338,245.48 | 124 |
| 7-Feb-24 | 9,665 | 341,923,578 | 6,405,437,490.28 | 126 |
| 8-Feb-24 | 10,957 | 478,381,431 | 7,172,356,428.54 | 123 |
| 9-Feb-24 | 8,925 | 321,887,285 | 7,354,256,488.22 | 121 |
| 54,982.00 | 2,477,937,983.00 | 47,856,041,202.74 | 618.00 |
Overall, it was a week of ups and downs for the Nigerian stock exchange. The notable delisting news of GlaxoSmithKline Consumer Nigeria Plc (GSK or the Company). The final step was concluded on the 5th of February 2024. All stocks of GSK have been completely delisted. Investors will be hoping for more positive news in the coming.
Disclaimer: This article does not advertise or recommend any stock or company. This is purely for information only. The author and trendswatch.co will bear no responsibility whatsoever for any decision taken by anyone or any group based on the information gleaned from this article.
