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Nigerian Exchange Limited

Stock Investors Lose N518 Billion After CBN Raises Interest Rate

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Nigerian Stock Exchange

The Nigerian stock market shed N518 billion on Tuesday after the Central Bank of Nigeria (CBN) raises interest rate by 150 basis points to 13% to curb the rising inflation rate and sustain capital importation.

Activity at the Nigerian Exchange Limited (NGX) rose over 200% as many stock investors sell off their holdings in anticipation of the projected decline in activities. Investors traded 720,192,027 shares worth N8.867 billion in 6,006 deals during the trading hours of Tuesday, against 263,338,835 shares worth N3.549 billion that exchanged hands in 4,549 billion Monday.

Ecobank topped the most traded stocks with 257,627,691 shares worth 2,963,644,505.25, explaining one of the reasons for the surge in the value traded. Jaiz Bank followed with  77,998,899 shares valued at N69,741,125.75.

The selloff was largely due to the CBN-led monetary policy decision to raise the nation’s borrowing cost. This, stock investors interpreted as a future drop in capital inflow into the Nigeria stock market and subsequently slow down in economic activities.

The market capitalisation of listed stocks depreciated by N518 billion to N28.007 trillion, down from N28.525 trillion it closed on Monday. The NGX All-Share Index also declined by 1.82% to 51,949.64 index points.

Japaul Gold led gainers with N0.03 or 10% gainers to close at N0.33 a share as shown below.

Top Gainers 

Symbols Last Close Current Change %Change
JAPAULGOLD N 0.30 N 0.33 0.03 10.00 %
IMG N 9.10 N 10.00 0.90 9.89 %
MRS N 14.95 N 16.40 1.45 9.70 %
ABBEYBDS N 1.65 N 1.80 0.15 9.09 %
ACADEMY N 1.35 N 1.46 0.11 8.15 %

Top Losers 

Symbols Last Close Current Change %Change
GUINNESS N 98.00 N 88.20 -9.80 -10.00 %
GSPECPLC N 3.07 N 2.77 -0.30 -9.77 %
MANSARD N 2.26 N 2.04 -0.22 -9.73 %
CHAMS N 0.23 N 0.21 -0.02 -8.70 %
VERITASKAP N 0.23 N 0.21 -0.02 -8.70 %

Top Trades

Symbols Volume Value
ETI 257627691.00 2963644505.25
JAIZBANK 77998899.00 69741125.75
ACCESSCORP 60518449.00 605027346.60
UACN 52166438.00 673072728.45
TRANSCORP 31424174.00 39685034.17

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, 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

Bearish Sentiment Persists: Investors Lose N112 Billion on NGX

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Nigerian Exchange Limited - Investors King

A somber week for Nigerian investors continued as sustained bearish trading on the Nigerian Exchange Limited (NGX) on Thursday resulted in a loss of N112 billion.

This marked the fourth consecutive day of declines following a N242 billion hit on Monday and a N126 billion loss on Tuesday. Wednesday provided no respite due to a public holiday.

The primary catalyst behind this downturn was the market’s reaction to the Senate’s confirmation of Yemi Cardoso as the governor of the Central Bank of Nigeria, which added to the prevailing downbeat sentiment.

By the close of trading on Thursday, the NGX All-Share Index had dipped by 0.31% to settle at 66,448.63 points, while market capitalization stood at N36.367 trillion.

The bearish trend also led to subdued market activity with total deals decreasing by 2.74% to 6,826 trades. Trading volume and value depreciated by 24.78% and 24.67%, respectively, with 273.80 million units exchanged for N3.41 billion.

Among the top value losers were Vitafoam (-9.92%), FTNCocoa (-9.88%), Oando (-9.84%), John Holt (-9.39%), and United Capital (-7.20%).

In contrast, the insurance sector emerged as the biggest winner, posting a 0.83% increase, while the banking and consumer goods sectors recorded losses of 1.01% and 0.68%, respectively.

Accesscorp led in trading volume on Thursday, with 45.87 million units valued at N710.63 million, followed by Zenith Bank with 21.12 million units worth N657.22 million. Unity Bank, United Bank for Africa, and Transcorp also featured among the top five traded stocks.

The persistent bearish sentiment highlights the need for investors to closely monitor the evolving market dynamics and economic policies, as uncertainty continues to cloud the Nigerian financial landscape.

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Nigerian Exchange Limited

Nigerian Stock Market Dips as Weak Momentum Drains N39 Billion from Investors

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stock bear - Investors King

The Nigerian stock market experienced a downturn on Friday as the local bourse closed negatively by 0.11% week-on-week, causing investors to lose N39 billion.

This drop in market performance was primarily attributed to weak market momentum.

Both the market capitalization and the Nigerian Exchange Limited All Share Index ended trading lower at N36.847 trillion and 67,324.59 points, respectively, compared to the previous week’s figures of N36.886 trillion and 67,395.74 basis points.

Despite the overall decline, the total turnover of shares showed an increase as 3.911 billion units worth N30.38 billion were traded in 38,536 deals, against a total of 2.933 billion shares valued at N47.45 billion that were exchanged in 44,654 deals.

The Financial Services Industry led in terms of volume traded with 2.774 billion shares valued at N15.24 billion while the Oil and Gas Industry followed with 438.508 million shares worth N5.20 billion, and the ICT Industry ranked third with 294.470 million shares valued at N4.447 billion.

The Insurance sector emerged as the top gainer during the week with a 3.34% increase, followed by Consumer goods (+2.98%), Banking (+0.61%), and Oil & Gas (+0.56%).

In contrast, the Industrial Goods sector saw a 4.80% decline, primarily due to a decrease in Dangote Cement’s share price.

The week saw 48 equities appreciating in value, 40 equities depreciating, and 67 remaining unchanged. Sunu Assurances topped the gainers’ chart with a 32.91% increase in share price, followed by Ellah Lakes Plc (+28.79%) and E-Tranzact International Plc (+28.57%).

Tantalizers led the losers’ table with a 21.05% dip, followed by Guinea Insurance (-20.69%) and McNichols (-13.33%).

Analysts expect mixed sentiments in the market for the coming week, with positive momentum potentially offset by profit-taking activities. The uncertainty is expected to be fueled by half-year earnings reports and continued portfolio reshuffling in preparation for the quarter-end reporting season.

Investors are advised to stay vigilant and adapt to market dynamics as they navigate these challenging times.

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Nigerian Exchange Limited

Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion

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Dr. Olayemi Michael Cardoso

The bullish momentum in the Nigerian Exchange Limited continued on Tuesday as investors pocketed N264 billion in profit following Monday’s gains of N263 billion.

Both the market capitalization and the All-Share Index, which gauge the movement of share prices for all listed companies surged by 0.71 percent to N37.413 trillion and 68,359.22 points, respectively.

This optimistic trading trend emerges as investors increasingly show confidence in the local market and the broader economy, fueled in part by the news of Dr. Yemi Cardoso’s nomination as the Governor of the Central Bank of Nigeria.

As Tuesday’s session drew to a close, the volume of shares traded experienced a significant uptick of 31.33 percent to 676.74 million. However, the number of deals declined by 8.35 percent to 7,659 while the total trade value decreased by 33.97 percent to N5.89 billion.

Market sentiments also leaned towards the bullish side, with 36 gainers outpacing the 27 losers.

Among the top-performing stocks that caught the attention of investors were:

  • Berger Paints Plc, which surged by 9.95 percent to conclude the trading day at N11.60.
  • Oando Plc, which recently released its audited results for 2021, saw a 9.92 percent increase, closing at N13.30.
  • BUA Foods, which gained 6.32 percent to close at N196.70.
  • PZ’s shares appreciated by 1.45 percent per unit, ending at N20.
  • GTCO Plc stock increased in value by 0.43 percent, closing at N35.40.

On the flip side, the top losers included:

  • SCOA Plc, witnessing a 10 percent depreciation in its shares, closing at N1.24.
  • Unilever’s shares recorded an 8.28 percent drop, concluding at N13.30.
  • United Bank for Africa Plc, which lost 1.96 percent in share value, closing at N17.50.
  • FBN Holdings Plc, suffering a 1.69 percent decline, closing at N17.40.
  • Accesscorp’s shares depreciated by 0.29 percent, closing trading at N17.40.

The Nigerian Exchange continues to display its resilience and attractiveness to investors, making it an exciting space to watch for potential opportunities and market trends.

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