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Nigerian Stock Exchange News: Stock Market Expands by N350bn to N14tn Last Week

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Nigerian Exchange Limited - Investors King

Here is your Nigerian Stock Exchange News for Last Week

The Nigerian Stock Exchange gained N350 billion last week as investors continue to buy stocks following the reduction in interest rate by the Central Bank of Nigeria.

The Nigerian Stock Exchange market capitalisation expanded by 2.55 percent or N350bn to settle at N14.105 trillion last week. While the Nigerian Stock Exchange Index, NSE All-Share Index, appreciated by 2.53 percent to close the week at 26,985.77 basis points.

During the four trading week, investors traded a total turnover of 1.532 billion shares worth N16.901 billion in 17,882 deals, against a total shares of 1.567 billion valued at N20.559 billion that exchanged hands in the previous week.

Sectoral performance showed the financial services industry led in terms of volume traded with 1.292 billion shares worth N10.562 billion transacted in 10,046 deals. Therefore, the sector accounted for 84.29 percent and 62.49 percent of the total equity turnover volume and value, respectively.

The conglomerates’ industry came second with 62.395 million shares worth N89.205 million in 453 deals. In the third place was the industrial goods industry with a total turnover of 55.168 million shares valued at N2.976 billion exchanged in 1,752 deals.

The top three most traded stocks during the week were Zenith Bank Plc, Sterling Bank Plc and United Bank for Africa Plc. The three accounted for a combined 815.646 million shares worth N7.311 billion in 4,461 deals and contributed 53.22 percent and 43.26 percent to the total equity turnover volume and value, respectively.

The Nigerian Stock Exchange Market capitalisation and the Nigerian Stock Exchange Index continues to rise due to the surge in local investors jumping on undervalued stocks with strong fundamentals following the reduction in the nation’s monetary policy rate by 100 basis points to 11.5 percent.

Stock investors are projecting positive outlook in the near-term as they anticipated that an increase in liquidity due to cheap loan will boost stocks of businesses, especially banks and manufacturing companies.

The Central Bank of Nigeria led Monetary Policy Committee had said there is a need to stimulate growth from within following global distruption of supply chain by COVID-19.

Therefore, the apex bank continues to cushion the economy with capital injection in the form of inteventions.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Equity Market Rebounds by N144bn, Led by Nigerian Breweries and NEM Insurance

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The Nigerian equity market surged by N144 billion on Thursday, largely on the strong performances of key players like Nigerian Breweries and NEM Insurance.

This recovery comes after the market experienced a dip earlier in the week.

The market indices closed with the All Share Index (ASI) rising by 0.2% to settle at 99,832.25 points, while market capitalization increased to N56.47 trillion.

Despite lower trading volumes and values compared to previous sessions, the market saw increased activity in terms of the number of deals, which rose by 20% to 9,686.

Market Activity and Performance

Trading on Thursday resumed following the Democracy Day holiday, with 502.6 million shares exchanged in various deals valued at N8.65 billion.

The bullish trend was evident with 30 gainers outnumbering 18 losers, highlighting the positive sentiment that dominated trading.

Top Gainers and Losers

Nigerian Breweries emerged as a top performer with a significant 10% increase in its share price to close at N31.90. Unity Bank followed closely with a 9.91% gain, closing at N1.22 per share, while NEM Insurance recorded a 9.77% increase, ending the trading session at N9.55 per share.

Conversely, Ecobank Transnational led the losers’ chart with a 9.92% decline, closing at N21.35 per share. Daar Communications and C&I Leasing also experienced losses, shedding 8.77% and 7.14% respectively.

Trading Insights

Zenith Bank emerged as the most traded stock by volume, with 71.2 million shares exchanged, followed by AIICO Insurance with 67.3 million shares and Access Holdings with 58.5 million shares.

The trading activities were spread across various sectors, with notable gains observed in the insurance, banking, pension, and consumer goods industries.

Market Outlook

The rebound in the equity market reflects renewed investor confidence following recent downturns. Analysts anticipate continued volatility amid global economic uncertainties but remain optimistic about the resilience of Nigerian stocks in the long term.

Overall, the market’s recovery by N144 billion underscores the dynamism of Nigeria’s financial landscape and the strategic positioning of key market players like Nigerian Breweries and NEM Insurance in driving positive market sentiment and performance.

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Nigerian Exchange Limited

Nigerian Equity Market Sees N92.32bn Loss Amid Declines in Key Stocks

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The Nigerian equity market experienced a significant downturn on Tuesday, losing N92.32 billion in market value.

This decline was largely driven by drops in the share prices of key companies, including National Salt Company, Thomas Wyatt Nigeria, and May and Baker Nigeria.

The market capitalisation and the All-Share Index (ASI) decreased by 0.16 per cent, closing at N56.36 trillion and 99,630.51 points, respectively. This downturn affected the year-to-date return, which fell from 33.5 per cent to 33.24 per cent.

Despite the overall market decline, market breadth remained positive, with 29 stocks advancing against 19 that declined, across 8,064 deals. This indicates a mixed sentiment among investors, with some stocks seeing substantial gains.

Key Gainers and Losers

Total Nigeria led the list of gainers with a 9.98 percent increase to close at N388.90. Presco followed closely with a 9.97 percent rise to N323.30, and UPDC leveraged a 9.92 percent gain to end the day at N1.33.

Conversely, National Salt Company recorded a significant drop of 9.91 percent to close at N36.80. Thomas Wyatt Nigeria saw a 9.66 percent decrease to N1.59, and May and Baker Nigeria fell by 7.13 percent to close at N5.60.

Trading Volume Leaders

In terms of trading volume, Fidelity Bank led the market with 293.18 million shares exchanged in 340 deals. Nigerian Breweries followed, trading 101.584 million shares in 145 deals, reflecting strong investor interest in these companies.

Market Dynamics

The losses come on the heels of a robust performance on Monday, where the equity market gained N323 billion, buoyed by appreciations in stocks like Flour Mills Nigeria, Total Nigeria, and Access Holding.

The contrasting performance over two consecutive days underscores the volatility in the market.

Investor Sentiment

The decline in the equity market highlights the fluctuating investor sentiment influenced by various macroeconomic factors and corporate performance. Despite the losses, the positive market breadth indicates underlying resilience, as a larger number of stocks posted gains than losses.

Economic Context

The broader economic environment continues to pose challenges, with inflationary pressures and currency devaluation impacting investor confidence. However, strategic moves by companies and expectations of economic reforms provide some optimism for market recovery.

Outlook

Analysts suggest that the market could see further fluctuations in the short term, with investor focus likely to remain on corporate earnings reports and economic policy developments. The ability of companies to navigate the current economic landscape will be crucial in determining future market performance.

As the market adjusts to these dynamics, stakeholders remain hopeful that strategic investments and economic reforms will foster a more stable and growth-oriented environment for the Nigerian equity market.

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Nigerian Exchange Limited

Flour Mills Nigeria, Others Bolster Nigerian Equity by N323 Billion

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Flour Mills Nigeria, alongside other key players in the Nigerian equity market, propelled the market to a significant gain of N323 billion in market capitalization on Monday.

The bullish momentum saw the market capitalization and the All Share index rising by 0.58 percent to settle at N56.52 trillion and 99,793.71 points, respectively.

This surge represents a notable increase from the previous trading session and contributed to a year-to-date return of 33.5 percent, up from 32.8 percent.

Market participants witnessed heightened activity levels as both volume and value exchanged surged by 148.3 percent and 83.6 percent, reaching 963.5 million units and N13.5 billion, respectively.

The banking and oil & gas sectors emerged as the leading gainers, with respective increases of 2.7 percent and 3.1 percent.

This sectoral performance further fueled investor optimism and contributed to the overall market rally.

Flour Mills Nigeria stole the spotlight among gainers with a remarkable 10 percent appreciation, closing at N41.80 per share.

Similarly, Total Nigeria and Access Holding recorded significant gains of 9.88 percent and 9.86 percent, closing at N353.60 and N18.95, respectively.

However, not all stocks shared in the bullish sentiment, as E-Tranzact International, Daar Communications, and Champion Breweries emerged as the top losers, shedding 9.90 percent, 9.52 percent, and 6.67 percent, respectively.

Fidelity Bank emerged as the most traded security by value, with N6.03 billion worth of shares exchanged in 417 deals.

On the other hand, Abbey Mortgage Bank led the volume chart with 2,919 units traded in 12 deals.

The significant surge in market capitalization and the robust trading activity reflect growing investor confidence and optimism in the Nigerian equity market.

Despite recent fluctuations, the market continues to attract interest from both domestic and foreign investors, driven by promising economic indicators and corporate performance.

Looking ahead, analysts anticipate continued market resilience, with expectations of increased capital raising operations and sustained investor appetite for high-yielding assets.

However, uncertainties surrounding interest rate movements and global economic dynamics remain key factors influencing market sentiment in the near term.

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