Fabric industry

Foreign Manufacturers Kill Local Fabric Industry Adire – Abiodun

By Dipo Olowookere

The value of trades on the floor of the Nigerian Exchange (NGX) Limited rose last week as investors take positions in anticipation of strong first quarter results.

As usual, United Capital was among the first companies to report its first quarter results, with double-digit growth in revenue and net profit.

As the economy gradually recovers from the disaster caused by the COVID-19 pandemic in 2020, investors are optimistic about improving earnings in the first three months of 2022, especially for companies in the financial, consumer goods and industrial sectors. goods services.

This may have triggered the renewed interest in bank stocks, with the trio GTCO, Zenith Bank and Fidelity Bank being the most active during the four-day trading week, selling 429.7 million units of worth N7.8 billion in 5,871 transactions, contributing 34.45% and 34.80 percent to the volume and value of the total stock turnover respectively.

Business post notes that the market only operated for four trading days last week because the federal government declared Friday, April 15, 2022 (Good Friday) a public holiday.

This week the market will also be open for four days following another public holiday declared by the government for Monday April 18, 2022, for Easter Monday.

Last week, investors bought and sold a total of 1.3 billion Nigerian shares worth 22.4 billion naira in 23,406 trades, compared to 1.1 billion shares valued at 10.8 billion naira traded in 23,471 transactions in the previous week.

Financial stocks were observed to dominate with 975.8 million units valued at N10.678 billion traded in 13,097 deals, accounting for 78.24% and 47.73% of total deal volume and value respectively.

Consumer goods stocks followed with 65.2 million units worth N1.8 billion in 2,725 deals, while services stocks were in third place with 42.6 million units worth 135.8 million in 1,172 transactions.

During the week, the price of 51 shares appreciated, higher than 33 shares the previous week, while the price of 18 shares depreciated, lower than 31 shares the previous week, with 87 shares closing flat , lower than 92 shares recorded the previous week. .

Meyer tops the winners board with a price appreciation of 41.59% to trade at N1.60. Learn Africa gained 20.23% to end at N2.08, Berger Paints rose 16.94% to N7.25, NAHCO rose 14.00% to N5.70, while UAC Nigeria rose from 13.86% to N11.50.

The losers chart was topped by Academy Press, which lost 18.64% to close at N1.44. Prestige Assurance depreciated by 11.11% to 40 kobo, Sunu Assurances deflated by 7.69% to 36 kobo, Stanbic IBTC fell by 5.86% to 32.15 N, while Regency Assurance has dropped 5.41% to 35 kobo.

When the market closed for the week last Thursday, the All-Share Index (ASI) and market capitalization increased by 1.99% to 47,558.45 points and 25,639 billion naira respectively.

Similarly, all the other indices ended up except for the Asem, growth and sovereign bond indices which closed flat.