Nigerian Stock Market Sheds Another 1.09% Amid Currency Redesign

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.