Forte Oil Leads Gainers, Financial Stocks Lift Turnover by N10.6 Billion

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  • Forte Oil Leads Gainers, Financial Stocks Lift Turnover by N10.6 Billion

Forte Oil traded higher at the end of last week’s transactions on the Nigerian Stock Exchange, leading nine others with 62.78 per cent to close at N106.23 per share.

Following Forte Oil last week was Portland Paints and Products with 26.52 per cent to close at N2.29 per share.

Other gainers of last week’s transactions are Trans National Corporation, FBN Holdings, Total Nigeria, which added 19.72, 10.76 and 10.07 per cent to close at N0.85, N3.50 and N276.05 per share respectively. Fidelity bank garnered 8.86 per cent to close at N0.86 per share.

Honeywell flourmills gained 8.16 per cent to close at N1.06 per share. African Prudential added 7.41 per cent to close at N2.90 per share. NEM insurance also gained 5.41 per cent to close at N0.78 per share.

However, Guinness topped the losers’ chart with 12.47 per cent to close at N77.90 per share while Neimeth Pharmaceutical followed with 9.09 per cent to close at N0.60 per share.

Avon Crown Caps, and Lafarge Africa also dropped 9.09, to close at N1.20 and N38.82 per share respectively. UACN Property depreciated by 8.97 per cent to close at N8.97per cent to close at N2.03 per share. Diamond Bank lost 7.61 per cent to close at N0.85 per share. Wema Bank dropped 7.02 per cent to close at N0.53 per share. Stanbic IBTC depreciated by 6.67 per cent to close at N14.00 per share. Unilever also lost 6.25 per cent to close at N45.00 per share.

Consequently, heavy transactions in the shares of some banks, especially Diamond Bank and Wema Bank lifted the volume of shares traded, as a turnover of 894.759 million shares worth N10.629 billion were recorded in 13,418 deals by investors on the Exchange.

This volume of shares traded, was, however, higher than a total of 2.479 billion units valued at N9.988 billion that changed hands in 12,059 deals during the preceding week.

Specifically, the financial services industry (measured by volume) led the activity chart with 695.612 million shares valued at N2.542 billion traded in 6,978 deals; thus contributing 77.74per cent and 23.92 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 71.988 million shares worth N5.956 billion in 2,362 deals.

The conglomerates industry ranked third with a turnover of 56.868 million shares worth N112.727 million in 717 deals.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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