The Nigerian Exchange Limited (NGX) pulled back last week following weeks of bullish run that trailed a series of changes made by President Bola Ahmed Tinubu to the economy.
During the week, a total of 1.689 billion shares worth N29.407 billion were exchanged in 29,477 deals, in contrast to a total of 1.741 billion shares valued at N25.087 billion that exchanged hands in 30,652 transactions in the previous week.
The Financial Services Industry led the activity chart with 1.166 billion shares valued at N16.925 billion traded in 13,819 deals, therefore contributing 69.04% and 57.55% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 191.320 million shares worth N843.336 million in 1,829 deals. The third place was the Oil & Gas Industry, with a turnover of 64.352 million shares worth N810.637 million in 2,159 deals.
FBN Holdings Plc, Transnational Corporation Plc and Fidelity Bank Plc were the three most traded equities during the week and accounted for a combined 576.688 million shares worth N6.911 billion that exchanged hands in 3,524 deals and contributed 34.14% and 23.50% to the total equity turnover volume and value respectively.
The NGX All-Share Index depreciated by 0.93% to close the week at 64,721.09 index points, up from the 65,325.37 index points it settled in the previous week. While the market capitalization declined by 0.42% to settle at N35.422 trillion respectively.
The Exchange year-to-date return stood at 26.28%. Similarly, all other indices finished lower with the exception of NGX Premium, NGX AFR. Div. Yield, NGX Consumer Goods, NGX Industrial Goods, NGX Growth and NGX Sovereign Bond indices which appreciated by 0.69%, 0.44% 2.39%, 0.37%, 1.08% and 0.25% respectively while the NGX ASeM index closed flat.
Twenty-nine equities appreciated in price during the week lower than forty-one equities in the previous week. Fifty-six equities depreciated in price higher than forty-four in the previous week, while seventy equities remained unchanged, same as seventy recorded in the previous week.
Bearish Sentiment Persists: Investors Lose N112 Billion on NGX
Nigerian Stock Market Dips as Weak Momentum Drains N39 Billion from Investors
Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion
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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