The Nigerian stock market closed on a bullish note this week, appreciating by 0.55% to close the week at 53,201.38 index points and a market capitalization figure of N28.681 trillion. This shows that the market rallied from the 2.18% decline recorded in the previous week.
Between the 6th and 10th of June 2022, 29 company stocks appreciated, while 36 stocks recorded a price decrease; 91 company stocks closed flat for the week.
A total of 1.83 billion shares worth N19.49 billion were traded by investors on the floor of the Exchange in 21,723 deals. This is in contrast to last week’s total of 28.736 billion shares valued at N209.06 billion that exchanged hands in 23,688 deals.
The Financial Services Industry led the activity chart (in terms of volume) with 1.173 billion shares valued at N12.485 billion traded in 10,657 deals, thus contributing 64.07% and 64.04% to the total equity turnover volume and value respectively.
As an entrepreneur looking to earn passive income from the domestic stock market, below is a list of the best-performing stocks for the week (6th – 10th June 2022).
Global Spectrum Energy (+10%)
The oil and gas offshore support vessel servicing firm was the best performing company stock for the week, with a 10% increase in the stock price. The company’s stock opened at N2.5 and closed at N2.75, indicating that investors at the beginning of the week gained 10% on their capital.
On the negative side, the stock price has dipped 34.4% year-to-date, falling from its N4.19 opening price at the beginning of the year.
Conoil Plc (+9.97%)
The share price of Conoil Plc increased by 9.97% in the week under review, closing at N32 per share from the N29.1 figure recorded at the close of trading activities in the previous week.
On a year-to-date basis, the company’s share price has rallied by 45.5% from its opening price of N22 per share.
Fidson Healthcare (+9.59%)
Fidson Healthcare Plc, a leading pharmaceutical manufacturing company in the country, recorded a 9.59% gain in its share price during the week as it closed at N12 per share from N10.95. On a year-to-date basis, the company’s share price has surged by 92.9% from the N6.22 per share price recorded at the beginning of the year.
University Press (+9.43%)
University Press, one of the largest domestic book publishers in the country, grew by 9.43% week-on-week to close the week at N2.9 from the N2.65 per share price recorded in the previous week.
On the flip side, the share price has dipped by 1.4% on a year-to-date basis.
Pharma-Deko Plc (+9.37%)
Pharma-Deko, the second pharmaceutical company on this list, gained 9.37% in the week under review, closing at a share price per unit of N1.75 from the N1.6 figure recorded last week. On the other hand, however, the share price has declined by 20.5% year-to-date.
Other top gainers include Transnational Corporation (+8.66%), Ellah Lakes (+7.89%), Jaiz Bank (+7.78%), FCMB (+7.03), and FTN Cocoa Processors (+5.88%).
Why this is important
In an economy like Nigeria’s that has been in the doldrums, with high inflation continuing to erode the purchasing power of the citizens, it has become necessary to get more than one income stream. The Nigerian stock market is an avenue to generate passive income by buying into company stocks either for dividend earnings or stock appreciation.
