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Nigerian Exchange Limited

Stock Market Closed in the Red Last Week, Sheds N12 Billion Amid Weak Sentiment

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) closed in the red last week on weak market sentiment and low trading activity despite the strong positive financial statements released in the third quarter.

Trading activity drop across the Exchange as investors traded 1.428 billion shares worth N12.373 billion in 23,987 deals during the week, against a total of 3.001 billion shares valued at N34.547 billion that exchanged hands in 25,932 transactions in the previous week.

The Financial Services Industry led the activity chart with 1.010 billion shares valued at N7.992 billion traded in 12,208 deals. Therefore, contributing 70.75 percent and 64.60 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 94.729 million shares worth N207.829 million in 878 deals. In third place was Consumer Goods Industry, with a turnover of 62.779 million shares worth N1.326 billion in 3,814 deals.

FBN Holdings Plc, Sterling Bank Plc and United Bank for Africa Plc were the three most traded stocks for the week. The three accounted for 402.924 million shares worth N3.063 billion in 3,208 deals and contributed 28.22 percent and 24.76 percent to the total equity turnover volume and value, respectively.

Market value dropped by N12 billion from N21.938 trillion recorded in the previous week to N21.926 trillion last week. The NGX All-Share Index also depreciated by 24.10 index points or 0.06 percent from 42,038.60 index points to 42,014.50 index points last week.

All other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX MERI Growth, NGX Lotus II and NGX Industrial Goods indices which appreciated by 0.32 percent, 0.99 percent, 0.09 percent, 0.15 percent and 0.88 percent respectively, while the NGX ASeM Index closed flat.

The Exchange year-to-date return moderated to 4.33 percent from 4.52 percent recorded in the previous week.

Twenty-three equities appreciated in price during the week, lower than forty-seven equities in the previous week. Forty-three equities depreciated in price, higher than twenty-five equities in the previous week, while ninety equities remained unchanged higher than eighty-four equities recorded in the previous week.

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

Nigeria’s Market Falls 1.09% Amid Decline in Key Sectors

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Nigeria’s stock market closed the trading week ended Friday, April 12, with a decline of 1.09% following a downturn influenced by notable drops in the banking, insurance, and consumer goods sectors.

This shift resulted in a loss of about N638 billion for investors during the two-day trading week, which was shortened due to public holidays for Eid Mubarak.

The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) decreased from an opening high of 103,437.67 points to 102,314.56 points.

Meanwhile, market capitalization also dropped from N58.498 trillion to N57.860 trillion over the review period.

The market’s month-to-date (MtD) performance fell by 2.15%, and the year-to-date (YtD) return is now at 36.83%.

Futureview research analysts had previously forecasted a mixed performance in the equities market as investors adjusted their positions in anticipation of upcoming corporate actions and dividend payouts.

The analysts also predicted a possible shift in focus towards the fixed income market, which could influence short-term investment decisions.

While the market faced challenges this week, analysts expect a resurgence of buying interest driven by upcoming corporate actions and earnings reports, attracting investors looking to benefit from dividend payments.

Their recommendation to investors is to consider investing in high-quality stocks with strong fundamentals for potential returns.

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Nigerian Exchange Limited

VFD Group Plc’s Rights Issue Listed on NGX’s Daily Official List

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The Nigerian Exchange Limited (NGX) has listed VFD Group Plc’s Rights Issue on its Daily Official List.

The move follows the approval by the Securities and Exchange Commission (SEC) and represents a crucial step in the company’s growth trajectory.

The Rights Issue comprises 63,342,455 ordinary shares of 50 kobo each priced at N197.33 per share, bringing the total value of the issue to N12.499 billion. With this listing, VFD Group Plc’s total issued and fully paid-up shares have surged from 190,027,365 to 253,369,820 ordinary shares.

According to a report by NGX, the additional shares listed arose from VFD’s Rights Issue on the basis of one ordinary share for every three ordinary shares held as of October 12, 2023.

This move underscores VFD Group Plc’s commitment to expanding its shareholder base and enhancing liquidity in the market.

The approval by SEC for the Rights Issue further solidifies VFD Group Plc’s position in the market. Gbeminiyi Shoda, the Group Company Secretary of VFD Group Plc, confirmed that the Qualification Date for the Rights Issue was October 12, 2023, with the application list opening on December 20, 2023, for a maximum period of 31 days.

VFD Group Plc’s Rights Issue comes on the heels of its recent listing on the Main Board of the Nigerian Exchange Limited (NGX). The listing of 190 million units of shares at N244.88 per share added N46.527 billion to NGX’s market capitalization, reflecting the company’s growing influence in the Nigerian capital market.

VFD Group Plc, known for its sector-agnostic proprietary investment approach, aims to create positive and socially conscious ecosystems by aggregating potentially viable businesses. The Rights Issue listing underscores the company’s strategic move to increase visibility, access capital, and enhance liquidity, ultimately benefiting its investors and stakeholders.

Investors and market analysts are closely watching the developments surrounding VFD Group Plc as it continues to expand its footprint in the Nigerian financial landscape. With the successful listing of its Rights Issue on NGX, the company is poised for further growth and value creation in the market.

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Nigerian Exchange Limited

Nigerian Exchange Sees Historic N18.203tn Gain in Q1, 2024

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The Nigerian Exchange (NGX) has kicked off 2024 with an unprecedented gain as stock investors pocketed N18.203 trillion gain in the first quarter alone.

Investors are reaping the rewards of a bullish trading pattern that has extended from the inauguration of President Bola Ahmed Tinubu in 2023 into the new year.

The Exchange All-Share Index closed at 74,773.77 index points in 2023, a 45.90% gain it carried into the new year while the market capitalization surged to N40.917 trillion by the end of the year.

The first quarter of 2024 witnessed the continuation of this bullish trend as many companies grew in market capital and profit.

In the first quarter, FBN Holdings joined the trillion-naira club while Dangote Cement emerged as the first entity to achieve a market cap of N10tn.

The listing of Transcorp Power Plc further fueled market capitalisation close to the historic N60 trillion mark by March’s end.

Oscar Onyema, the immediate past Managing Director/Chief Executive Officer of the Nigerian Exchange Group, likened the market’s boom to the pre-2008 global meltdown period, highlighting the parallels in euphoria and growth.

Despite challenges posed by escalating inflation, potential interest rate adjustments, and volatile exchange rates, investor confidence remained steadfast.

The NGX-Alternative Security Market recorded a 135.25% gain amid economic uncertainties.

Analysts dissecting the market’s performance emphasized the role of sentiment over fundamentals, indicating a surge driven by optimism rather than concrete economic improvements.

While profit-taking activities and market volatility punctuated the quarter, the overall trajectory remained upward.

Looking ahead, projections for the second quarter anticipate mixed performance, with factors like macroeconomic instabilities and corporate actions shaping investor sentiment.

Nevertheless, the NGX’s stellar performance in Q1 2024 stands as a testament to the resilience and potential of the Nigerian equities market, offering a beacon of hope amid global economic uncertainties.

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