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Nigerian Exchange Limited

Nigerian Stock Exchange Dip by 0.48% Last Week

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The All-Share Index declined by 0.48% in the week ending May 12, 2023, and this caused the Nigerian stock market to end the week in the red. This is in accordance with the data shown in the Nigerian Exchange Group’s weekly stock market report.

The benchmark index, ASI, lost ground from the 52,465.31 points it had at the conclusion of the previous week to 52,214.62 points, while the market capitalisation ended the week at N28.431 trillion.

This makes the Nigerian stock market’s month-to-date performance minus 0.36% and its year-to-date gain 1.88%.

Over the course of the week, 27,801 deals involving 3.602 billion shares worth N36.451 billion were made on The Exchange’s trading floor. This is more than the 23,765 transactions for 2.973 billion shares valued at N22.828 billion that took place the week prior.

With 3,150 billion shares worth N27.484 billion moved in 14,987 deals, the Financial Services Industry topped the activity chart in terms of number of shares traded. This industry’s share volume and value contributions to total equity turnover were 87.47% and 75.40%, respectively.

The Consumer Goods industry came in third with a turnover of 87.434 million shares worth N1.628 billion in 3,768 deals, followed by the Conglomerates industry with 99.394 million worth N219.455 million in 901 deals.

A total of 2.167 billion shares worth N18.650 billion were traded in 5,083 transactions in the top three stocks by volume, Fidelity Bank Plc, Access Holdings Plc, and FBN Holdings Plc, making up 60.17% and 51.16%, respectively, of the total volume and value of equity turnover.

The price increases for the week were lower for forty-eight (48) stocks than for fifty-one (51) stocks the week before. Seventy-eight (78) stocks stayed stable, down from seventy-nine (79) the week before, while thirty (30) stocks saw a price decline greater than twenty-six (26) the week before.

TOP 10 GAINERS 

CWG closed at N2.07 (+56.82%)

ARDOVA closed at N26.40 (+ 37.50%)

TRANSCORP closed at N2.59 (+33.51%)

MULTIVERSE closed at N4.12 (+ 32.90%)

SOVRENINS closed at N0.42 (+ 27.27%)

NCR closed at N2.56 (+ 20.75%)

MRS closed at N33.75 (+ 20.75%)

REDSTAREX closed at N2.90 (+ 20.33%)

ABC closed at N0.40 (+ 17.65%)

MCNICHOLS closed at N0.75 (+ 15.38%)

TOP 10 LOSERS 

CILEASING closed at N3.20 (– 19.60%)

ACCESSCORP closed at N9.90 (– 12.00%)

ROYALEX closed at N0.54 (–11.48%)

SUNUASSUR closed at N0.49 (–9.26%)

BUACEMENT closed at N90.00 (–8.02%)

UNITYBNK closed at N0.50 (–7.41%)

COURTEVILLE closed at N0.43 (–6.52%)

NPF closed at N1.61 (–5.29%)

WEMABANK closed at N4.20 (–5.19%)

PRESTIGE closed at N0.37 (–5.13%)

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Nigerian Exchange Limited

Foreign Equity Trading in Nigeria Jumps 437%, Reaches N334 Billion in Early 2024

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Nigerian Exchange Limited - Investors King

Nigeria’s stock market has seen a remarkable surge in foreign investor activity, with equity trading by foreign investors skyrocketing 437% in the first four months of 2024.

This growth has pushed the total value of foreign equity trades to N334.01 billion, a significant increase from N62.18 billion during the same period in 2023.

Data from the Nigeria Exchange Limited (NGX) reveals that between January and April 2024, Nigerian stock investors exchanged equities valued at N1.894 trillion, a sharp rise from N721.44 billion recorded in the corresponding period of the previous year.

Foreign investors accounted for 17.63% of this total, while domestic investors dominated the market with 82.37%, trading N1.560 trillion worth of equities.

The increased foreign participation peaked in April 2024, with foreign investors trading N120.83 billion worth of stocks, representing 34.90% of the total value traded that month.

This surge highlights a growing confidence in Nigeria’s equity market despite broader economic challenges and a competitive fixed income market.

Analysts attribute this spike in foreign equity trading to various factors, including attractive stock valuations and improved regulatory frameworks.

“We expect continued interest in fundamentally sound stocks,” noted analysts at Comercio Partners, highlighting the positive market return of 33.64% by mid-June 2024.

Despite the attractiveness of fixed-income yields, particularly with Treasury bill rates reaching as high as 23.3% for one-year T-bills, participants remain drawn to equities, seeking growth in undervalued stocks.

Meristem research analysts predict a mixed performance in the equities market, driven by positive momentum and cautious trading.

The influx of foreign capital comes as a positive sign for Nigeria’s economic outlook, reflecting investor confidence in the nation’s regulatory and market reforms.

The NGX has been proactive in boosting market accessibility, recently launching a USSD platform to provide real-time stock market information, a move aimed at enhancing financial inclusion and market participation.

Prominent stockbroking firms have also played a crucial role in this trading boom.

CardinalStone Securities Limited led the market by trading stocks worth N197.535 billion, followed by Stanbic IBTC Stockbrokers Limited and United Capital Securities Limited.

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Nigerian Exchange Limited

Stock Market Rises by N398 Billion Last Week as Investors Target Key Sectors

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Nigerian Exchange Limited - Investors King

In a holiday-shortened trading week ending on Friday, June 14, Nigeria’s equities market saw a notable increase, rising by 0.71% or N398 billion.

This boost came as investors focused their buying on key sectors such as oil & gas, banking, insurance, and consumer goods.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from the previous week’s 99,221.14 points to 99,925.29 points, while the Market Capitalisation rose from N56.128 trillion to N56.526 trillion.

This surge pushed the year-to-date (YtD) return higher to 33.64%, with a month-to-date (MtD) increase of 0.62%.

Leading the sector gains was the NGX Oil & Gas Index, which jumped by 5.28%, reflecting robust investor interest in the sector.

The NGX Banking Index followed with a 3.63% rise, demonstrating confidence in the financial sector.

Similarly, the NGX Insurance Index climbed by 3.42%, and the NGX Consumer Goods Index saw a 1.05% increase. The NGX Industrial Index also edged up slightly by 0.27%.

This upward movement in the stock market comes amid a backdrop of cautious optimism.

The holiday-shortened trading week provided a condensed period for trading, yet investors were keen to seize opportunities, particularly in sectors that have shown resilience and potential for growth.

Analysts suggest that the targeted investments in these key sectors indicate a strategic approach by investors to balance portfolios and capitalize on sectors poised for growth.

The oil & gas sector, in particular, has been buoyed by fluctuating global oil prices and local policies aimed at boosting production and refining capacity.

The banking sector’s performance reflects ongoing reforms and the potential for increased financial activities as the economy continues to stabilize.

The rise in the stock market is a positive signal for Nigeria’s economic outlook, indicating renewed investor confidence.

However, experts caution that sustained growth will depend on continued economic reforms, political stability, and global market conditions.

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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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