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Nigeria Loses N137.53bn to Gas Flaring in Four Months

by e-Naira Online News
May 30, 2022
in Finance
Reading Time: 3 mins read
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By Dipo Olowookere

The volume of trades in the nation’s equity market depreciated last week by 1.181 billion units or 39.1 per cent week-on-week to 1.840 billion units from the preceding week’s 3.021 billion units. This was mainly caused by the lower volume of cross deals in the week under review.

Also, the value of transactions decreased last week as shares worth N27.286 billion exchanged hands in 27,273 deals compared with the equities valued at N31.784 billion traded in 29,153 deals a week earlier.

Amid the low weekly turnover, the All Share Index (ASI) and market capitalisation appreciated w-o-w by 2.09 per cent to 54,085.30 points and N29.158 trillion respectively.

However, all other indices finished lower with the exception of the main board index, which appreciated at 6.03 per cent, while the Asem and sovereign bond indices closed flat.

A look at the spread of the trades in terms of sectors showed that the financial services industry led the activity chart with 1.286 billion shares valued at N10.745 billion traded in 12,379 deals, contributing 69.90 per cent and 39.37 per cent to the total trading volume and value respectively.

It was trailed by the conglomerates sector with 251.105 million shares worth 1.659 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 deals.

Ecobank, Jaiz Bank and Access Holdings were the most active stocks in the five-day trading week with a turnover of 640.650 million units worth N4.825 billion in 2,098 deals, accounting for 34.81 per cent and 17.68 per cent of the total trading volume and value respectively.

As for the price movement index, 23 equities gained in the week, lower than 37 equities in the previous week, 54 equities shed weight, higher than 42 equities in the preceding week, while 79 equities closed flat, higher than 77 equities in the earlier week.

Industrial and Medical Gases recorded the highest increment as its value rose by 20.88 per cent to N11.00, MRS Oil chalked up 20.59 per cent to sell for N16.40, Airtel Africa grew by 20.20 per cent to N1,767.00, Conoil appreciated by 9.95 per cent to N34.25, while FTN Cocoa expanded by 9.37 per cent to 35 kobo.

On the flip side, UAC Nigeria suffered the heaviest loss as its price shrank by 27.08 per cent to N10.50, Global Spectrum Energy Services crashed by 18.77 per cent to N2.77, Royal Exchange shed 14.04 per cent to 98 kobo, RT Briscoe declined by 13.85 per cent to 56 kobo, while Jaiz Bank went down by 13.33 per cent to 78  kobo.

Meanwhile, in the week, the NGX adjusted the equity prices of Jaiz Bank, AIICO Insurance and Prestige Assurance as a result of the dividend proposed by their respective boards.

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

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

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Tags: FlaringgaslosesmonthsN13753bnNigeria
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