The Nigerian Exchange Limited (NGX) extended its bearish trend last week after the Central Bank of Nigeria (CBN) announced plans to redesign Naira notes amid flooding and the persistent increase in prices of food items ahead of the 2023 general elections.
During the week, activity dropped by almost 50%, partly due to the Naira redesign announced by the CBN and a series of other fundamental factors.
Stock investors transacted 598.817 million shares worth N14.234 billion in 15,859 deals during the week, against a total of 938.020 million shares valued at N16.701 billion that exchanged hands in 15,700 transactions in the previous week.
The Financial Services Industry led the activity chart with 398.264 million shares valued at N2.219 billion traded in 8,247 deals. Therefore, contributed 66.51% and 15.59% to the total equity turnover volume and value, respectively.
The Conglomerates Industry followed with 37.514 million shares worth N49.503 million in 393 deals. In third
place was the ICT Industry, with a turnover of 30.708 million shares worth N8.383 billion in 1,218 deals.
Mutual Benefits Assurance Plc, Sterling Bank Plc and Fidelity Bank Plc. were the three most traded equities during the week. The three accounted for a combined 181.347million shares worth N248.920 million that were exchanged in 854 deals and contributed 30.28% and 1.75% to the total equity turnover volume and value respectively.
The market capitalisation depreciated by 1.09% or N264 billion from N24.182 trillion it closed in the previous week to N23.918 trillion.
The NGX All-Share Index also lost 1.09% or 484.09 index points to close at 43,912.64 index points, down from the 44,396.73 index points it settled in the previous week.
Similarly, all other indices finished lower with the exception of NGX-Main Board, NGX Banking, NGX MERI Value and NGX Industrial indices which appreciated by 0.83%, 0.07%, 1.21% and 0.34% respectively, while the NGX ASeM and NGX Growth indices closed flat.
Twenty-nine equities appreciated in price during the week, lower than thirty-three equities in the previous week. Thirty-one equities depreciated in price higher than twenty-nine in the previous week, while ninety-seven equities remained unchanged higher than ninety-five equities recorded in the previous week.
Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List
The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.
NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.
Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.
On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.
Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.
Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.
However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.
Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.
Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.
ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.
The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.
Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.
Nigerian Stock Market Records Marginal Decline, MTN and Dangote Sugar Lead Losers
The Nigerian Exchange Limited witnessed a marginal downturn as market capitalization slipped by N35 billion on Wednesday.
The All-Share Index and Market Capitalization both depreciated by 0.09% to close at 71,003.98 points and N39.047 trillion, respectively.
Despite this dip, market breadth remained positive with 36 gainers and 15 losers.
Major contributors to the decline included MTN Nigeria (-0.63%), Dangote Sugar (-1.64%), Lafarge Africa Plc (-1.34%), United Bank for Africa (-0.24%), and FBN Holdings (-4%).
Gainers were led by RT Briscoe, Daar Communications, and Unity Bank, each posting a 10% gain. Meanwhile, MeCure Industries, Multiverse, and Secure Electronic Technology saw increases of 9.96%, 9.82%, and 9.52%, respectively.
On the downside, C&I Leasing, Prestige Assurance, International Breweries Plc, UPDC Real Estate Investment Trust, and FBN Holdings recorded losses of 7.58%, 7.55%, 5.56%, 4.60%, and 4%, respectively.
Sectoral performance varied, with the Banking and Insurance sectors posting marginal gains of 0.19% and 0.75%.
In contrast, the Consumer Goods and Industrial Goods sectors experienced losses of 0.19% and 0.08%, while the Oil/Gas index remained unchanged.
Market activity showed improvement, with total deals rising by 1.95% to 6,677 trades. The total traded value for the day surged by 128.85% to N7.37 billion, although the total volume declined by 12.81% to 428.44 million units.
Veritaskap led in trading volume, while MTN Nigeria dominated in terms of value, amounting to N2.81 billion.
The fluctuation in market indices underscores the dynamic nature of the Nigerian stock market, influenced by both local and global economic factors.
Investors are carefully navigating these shifts to optimize their portfolios in a constantly evolving market landscape.
Negative Start to Trading Week on NGX as Investors Incur N57 Billion Loss
The Nigerian Exchange Limited (NGX) commenced the week on a bearish note as investors lost N57 billion on Monday.
The All-Share Index and market capitalization both moderated by 0.15% to close at 71,008.70 index points and N39.050 trillion, respectively.
The day’s losses were attributed to price declines in key stocks, including Zenith Bank (-0.75%), Stanbic IBTC Holdings (-7.08%), NB (-2.50%), AccessCorp (-0.58%), Fidelity Bank (-0.57%), and several others.
This negative performance resulted in a decrease in market activity, with both value and volume traded dropping by 27.77% and 18.83%, reaching N4.36 trillion and 358.45 million units, respectively.
Despite the overall decline, market breadth, a measure of investor sentiment, was positive, with 36 gainers and 15 losers.
Notable gainers included MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills, closing with gains ranging from 9.83% to 9.95%.
Among the 15 losers, RT Briscoe, Prestige, Stanbic IBTC, Computer Warehouse Group, and Caverton were prominent, with losses ranging from 2.78% to 9.84%.
The day’s volume and value drivers included the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.
Investors are closely watching market dynamics as the week unfolds, navigating the ever-changing landscape of the Nigerian stock market.
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