Nigerian Exchange Limited

Nigerian Equities Market Records Impressive Gain of N1.81 Trillion in Volatile July

Published

1 year ago

August 1, 2023

The Nigerian equities market closed with a N1.81 trillion gain in the month of July despite a recent dip in its All-Share Index (ASI) and equities market capitalisation.

As the market closed on Monday, July 31, the ASI stood at 64,337.52 points, representing a 1.10 percent decrease while the market capitalisation settled at N35.011 trillion, down from the preceding day’s N35.403 trillion.

The month started on a promising note with the ASI and equities capitalisation settling at 60,968.27 points and N33.197 trillion, respectively. Throughout July, the market exhibited a strong upward trend, experiencing a 5.53 percent increase by the end of the month.

However, as the new trading week began, investor sentiment took a hit, resulting in a loss of N392 billion on Monday.

The market’s negative take-off was predominantly driven by notable declines in key stocks, with ETI (Ecobank Transnational Incorporated), Dangote Sugar Refinery, NPF Microfinance Bank, Livestock Feeds, and Caverton Offshore Support Group among the most significant contributors to the downturn.

ETI witnessed a sharp decline, falling from N17 to N15.30, marking a loss of N1.70 or 10 percent, while Dangote Sugar Refinery dropped from N30 to N27, down by N3 or 10 percent. These bearish movements played a major role in pushing the overall positive return year-to-date (YtD) down to 25.53 percent.

Despite the temporary setback, investor activity remained active with 673,424,564 shares valued at N6.474 billion exchanged in 9,788 deals. Among the most traded stocks were Abbey Mortgage Bank, Fidelity Bank, Union Bank, FCMB Group, and Universal Insurance, reflecting the continued interest of investors in these companies.

Meristem research analysts said, “we project that the tickers in the banking sector will be instrumental in spurring buying activities in the local bourse.”

“We highlight the broad positive H1:2023 earnings results in the sector as a primary driver for the expected upbeat mood. Thus, we anticipate this to spillover to other sectors.

“In addition, profit taking on some stocks last week placed them at attractive entry prices for investors seeking bargain hunting opportunities. As such, we do not expect a drastic rotation of funds out of the equities market.

“However, we do not rule out the possibility of further selloffs on tickers (especially the consumer goods) due to unsatisfactory H1:2023 performance impacted by inflationary pressures and FX revaluation losses,” the report said.

“Overall, we anticipate the overriding sentiment in the market to be positive during the week,” Meristem analysts added.

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Nigerian Exchange Limited

Nigerian Exchange Recovers from Early Week Losses, Market Value Hits N55.6 Trillion

Published

2 days ago

September 11, 2024

Samed Olukoya

Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) rebounded on Tuesday after opening the week in the red.

The NGX All-Share Index appreciated by 0.62 percent to 96,802.8 points while the market value of listed equities stood at N55.626 trillion.

Investors traded 406,194,548 shares valued at N13.313 billion in 12,241 transactions during Tuesday’s trading session.

Investors continued to show interest in Oando, which emerged as the most traded equity in both volume and value.

A total of 58,485,705 shares worth N5.521 billion were exchanged, with Oando’s stock appreciating by N6, or 6.7 percent, from N89.5 to N95.5 per share.

The second most traded stock on Tuesday was Access Holdings Plc with 30,379,481 shares valued at N557.65 million transacted.

However, Access Holdings’ shares lost 55 kobo, or 2.96 percent, declining from N18.95 to N18 per share.

The Exchange’s year-to-date (YtD) return improved to 29.46 percent.

SFS REIT led the gainers’ chart, increasing by N14.80, or 9.98 percent, from N148.35 to N163.15 per share. This was followed by Custodian Investment, which gained N1.10, or 8.87 percent, rising from N12.40 to N13.50, while RT Briscoe moved from N2.82 to N3.10 per share.

Nigerian Exchange Limited

Investors Lose N112 Billion as Equities Market Declines on Monday

Published

2 days ago

September 10, 2024

Samed Olukoya

The Nigerian equities market opened the week in the red as the Exchange shed N112 billion on Monday.

Investors traded 774,377,516 shares worth N14.65 billion in 10,412 transactions during the trading session.

The market value of listed stocks and the all-share index rose by 0.24 percent to settle at N55.28 trillion and 96,205.85 points, respectively.

Eterna led the gainers with a 10 percent increase, closing the day at N33.00 per share. This was followed by Tantalizers, which also saw a 10 percent rise to N89.50. Oando and FTN Cocoa Processors appreciated by 9.95 percent and 9.93 percent, respectively, closing at N89.50 and N1.66.

On the other hand, Learn Africa led the losers with an 11.18 percent decline, dropping to N4.13 per share.

Julius Berger Nigeria followed, losing 10 percent to close at N153.45. Transcorp Power shed 9.99 percent to settle at N301.70, while McNichols dropped 9.4 percent to close at N1.35.

Further analysis showed that Jaiz Bank was the most traded stock in terms of volume, with investors transacting 247 million shares. Zenith Bank, FBN Holdings, and Guaranty Trust Holding followed with 173 million shares, 41.5 million shares, and 33.9 million shares, respectively.

Last week, the Exchange lost N83 billion as the All-Share Index and market capitalisation dipped by 0.15 percent due to sell-offs in big stocks.

Nigerian Exchange Limited

Transcorp Power Extends Decline, Market Value Dips to N2.26 Trillion

Published

3 days ago

September 10, 2024

Samed Olukoya

Transcorp Power Plc on Monday extended its decline as the company’s directors offloaded their shares to increase liquidity.

The share dipped by 9.99% from N335.2 per share it opened the day to close at N301.7 a share.

Transcorp Power has been trading at about a 22% discount to its highest share price since listing, prompting investors to take profits before further potential market corrections.

The NGX now values Transcorp Power’s outstanding 7.5 billion shares at N2.262 trillion, down from its previous highs.

Market analysts believe this correction was inevitable, given the thin trading activity compared to the company’s substantial market value.

The drop is being viewed as a natural market adjustment, but the scale of the decline has left many investors and market watchers concerned about future movements in Transcorp Power’s stock price.

Despite the decline, Transcorp Power remains viable in the utilities sector, and the current market shake-up may present a buying opportunity for investors looking to capitalize on the lower price.

The company has yet to release an official statement addressing the stock decline, but market participants will be watching closely to see how Transcorp Power navigates this period of volatility.

Investors will also be keen to understand whether the company’s fundamentals can support a rebound in the near future, especially as the broader market faces challenges related to economic uncertainty and profit-taking activities.