In the trading week to December 16, stock investors in the shares of Honeywell Flour Mill Plc, Ecobank Transnational Incorporated Plc, Seplat Petroleum Development Company Plc reaped from capital appreciation making the companies to contribute majorly to a record market gain last week.
Investors at the Nigerian Stock Exchange (NSE) witnessed increased value of their stocks by about N306billion last week as the market sustained seven-day rally due to activities of bargain hunters.
Though, this week the market has seen remarkable dip as investors continued to book profit on earlier positions preparatory to Yuletide spend.
Other stocks that gained include United Capital Plc, Livestock Feeds Plc, Vitafoam Nigeria Plc, Africa Prudential Registrars Plc, Neimeth International Pharmaceuticals Plc, Forte Oil Plc, and Guaranty Trust Bank Plc.
Week-on-week (wow) trend shows that Honeywell Flour Mill Plc which opened at N1.06 closed at N1.32, gaining N0.26 or 24.53percent. Ecobank Transnational Incorporated gained N2.10 or 21.13 percent, from N9.94 to N12.04.
Seplat Petroleum Development Company Plc stock gained N70 or 20.59percent from N340 to N410. United Capital Plc stock appreciated from N2.60 to N2.91, an increase of 31kobo or 11.92percent. Livestock Feeds Plc also gained 9kobo or 11.54percent, from 78kobo to 87kobo.
Vitafoam Nigeria Plc stock recorded weekly gain of 24kobo or 10.96percent from N2.19 to N2.43. Africa Prudential Registrars Plc increased from N2.90 to N3.19, adding 29kobo or 10percent; Neimeth International Pharmaceuticals Plc gained 6 kobo or 10percent from 60kobo from 66kobo. Forte Oil Plc increased from N106.23 to N116.24, adding N10.01 or 9.42percent. Guaranty Trust Bank Plc increased from N23.34 to N25.50, adding N2.16 or 9.25percent.
Looking at recent market chart, analysts said it reveals that the All Share Index (ASI) was on the path of recovery save for a late session dip in select heavyweights.
“We think the index could stage a modest recovery in the coming session even as market breadth turned positive”, said market analysts at Vetiva Capital in their recent note.
Trading data last week showed that Portland Paints and Products Nigeria Plc recorded biggest dip last week as its stock price declined from N2.29 to N1.98, down by 31or 13.54percent. Unilever Nigeria Plc also depreciated from N45 to N39.57 down by N5.43 or 12.07percent; Fidson Healthcare Plc lost 12kobo or 8.63percent, from N1.39 to N1.27. Caverton Offshore Support Group Plc lost 8kobo or 8.51percent, from 94 kobo to 86kobo. Others include: Mobil Oil Nigeria Plc which declined from N305 to N280, down by N25 or 8.20percent.
Iheanyi Nwachukwu
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