Home Gas effect Nigeria loses N137.53 billion from gas flaring in four months

Nigeria loses N137.53 billion from gas flaring in four months

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By Dipo Olowookere

Trading volume in the domestic stock market depreciated last week by 1.181 billion units or 39.1% week-on-week to 1.840 billion units from 3.021 billion units in the previous week. This is mainly due to the lower volume of cross trades during the week under review.

Further, the value of trades declined last week as shares worth N27.286 billion were traded in 27,273 trades, compared to shares valued at N31.784 billion traded in 29,153 trades a week earlier. early.

Amid the weak weekly turnover, the All Share Index (ASI) and market capitalization appreciated by 2.09% to 54,085.30 points and 29.158 trillion naira respectively.

However, all other indices ended lower, except for the main index, which appreciated by 6.03%, while the Asem and sovereign bond indices closed flat.

A review of the distribution of trades in terms of sectors showed that the financial services sector topped the business chart with 1.286 billion shares valued at N10.745 billion traded in 12,379 deals, contributing 69.90% and 39.37% to total trading volume. and value respectively.

It was followed by the conglomerate sector with 251.105 million shares worth N1.659 billion in 1,371 deals and the consumer goods space with the sale of 105.601 million shares valued at N2.522 billion in 4,263 transactions.

Ecobank, Jaiz Bank and Access Holdings were the most active stocks during the five-day trading week with turnover of 640.650 million units worth N4.825 billion in 2,098 trades, representing 34.81% and 17.68% of total trading volume and value respectively.

Regarding the price movement index, 23 stocks gained during the week, less than 37 stocks in the previous week, 54 stocks lost weight, more than 42 stocks in the previous week, while 79 stocks closed flat, more than 77 stocks the previous week. the week.

Industrial and Medical Gases saw the biggest increase as their value rose 20.88% to N11.00, MRS Oil rose 20.59% to sell at N16.40, Airtel Africa rose up 20.20% to N1,767.00, Conoil rose 9.95% to N34.25, while FTN Cocoa rose 9.37% to 35 kobo.

On the other hand, UAC Nigeria suffered the heaviest loss as its price fell 27.08% to N10.50, Global Spectrum Energy Services crashed 18.77% to N2.77 , Royal Exchange was down 14.04% to 98 kobo, RT Briscoe was down 13.85% to 56 kobo, while Jaiz Bank was down 13.33% to 78 kobo.

Meanwhile, in the week, NGX adjusted the stock prices of Jaiz Bank, AIICO Insurance and Prestige Insurance following the dividend proposed by their respective boards.

The value of Jaiz Bank was changed last Friday for the cash reward of 4 kobo to shareholders after the qualifying date. The price went from 81 kobo to 77 kobo after the adjustment.

As for AIICO Insurance, the dividend of 2 kobo caused its price to be changed to 76 kobo from 78 kobo last Monday and on the same day the price of Prestige Insurance was changed to 41 kobo from 42 kobo due to the deduction of N0.015 of its previous closing value.