Connect with us

Nigerian Exchange Limited

Nigerian Stock Market Sees Modest Gain Amidst Policy Anticipation and Economic Reforms

Published

on

Nigerian Exchange Limited - Investors King

In a week marked by anticipation of policy statements from fiscal and monetary authorities, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) closed higher after gaining a modest 11 basis points (bps) Week-on-Week (WoW) to settle at 66,464.57 points last Friday.

This positive shift from 66,362.14 points recorded in the previous week demonstrates investor optimism as the nation’s new ministers and apex bank leadership prepare to unveil economic plans to stimulate growth.

With more companies releasing their second-quarter 2023 (Q2’23) financial results and Q3’23 reports expected soon, analysts predict mixed earnings results due to ongoing fiscal reforms and foreign exchange challenges.

Also, the Naira’s crossing of the N1,000/US Dollar threshold has raised concerns, hence why investors are urged to make prudent investment choices as uncertainty rises across the board.

Market analysis shows investors gained N179 billion as market capitalization reached N36.510 trillion from N36.331 trillion, resulting in a Year-to-Date (YtD) growth of 29.89%.

The weekly market breadth stood at 1.11x, with 40 advancing stocks and 36 declining ones.

Investdata Consulting analysts foresee mixed sentiment in the near term as investors engage in bargain hunting and portfolio repositioning ahead of Q3 corporate earnings reports.

The reconvening of the Central Bank of Nigeria’s monetary policy meeting is also in focus.

Comercio Partners, on the other hand, anticipates a calm start to the week. As Nigeria’s economic reforms and policy pronouncements gain momentum, the market appears poised for more significant changes that could guide investors’ decisions in the final quarter of the year.

Continue Reading
Comments

Nigerian Exchange Limited

Investors Lose N720bn in Midweek Sell-Offs

Published

on

Nigerian Exchange Limited - Investors King

Investors at the Nigerian Exchange Group lost N720 billion on Wednesday, the third consecutive day of bearish activity on the exchange.

The Exchange has now lost a combined N1.54 trillion in the last three days.

On Wednesday, the All-Share Index plummeted by 1.31% to 99,302.37 points while market capitalization dropped to N54.32 trillion. This downward spiral brought the year-to-date returns to 32.80%.

Market breadth remained negative with only five gainers compared to 52 decliners.

Notable gainers included PZ Cussons, Juli Plc, and Axa Mansard, while FCMB Group, Lafarge Africa, and Nigerian Breweries led the decliners with losses of 10% each.

Bearish sentiments spread across various sectors, particularly Banking, Insurance, and Consumer Goods, experiencing declines of 6.90%, 3.72%, and 1.20%, respectively.

The negative trend was fueled by sell-offs in prominent stocks like Sterling Financial Holdings, Wema Bank, and AccessCorp.

Despite improved trading volume and total deals, which rose by 41.28% and 15.40% respectively, the total traded value fell by 4.80% to N5.83 billion.

Transcorp Plc emerged as the most traded security by volume, while Zenith Bank led in traded value at N1 billion, indicating mixed sentiments among investors amidst market uncertainties.

Continue Reading

Nigerian Exchange Limited

FBN Holdings, Multiverse, MTN Nigeria Lead Losers on Nigerian Exchange

Published

on

Stock - Investors King

FBN Holdings, Multiverse, and MTN Nigeria emerged as the top losers on the Nigerian Exchange Limited (NGX) on Tuesday as market capitalisation dipped by N773 billion.

FBN Holdings, one of the most capitalized financial firms, declined by 10% to close at N30.60 per share.

This drop comes after the company had recently risen to prominence in the financial sector.

Multiverse, an active player in the industrial goods sector, also shed 10% to settle at N15.30 per share while MTN Nigeria saw its shares dip by 9.94% to N222.90 per share.

The downward trend in these key stocks contributed to the overall bearish performance of the Nigerian Exchange as the All-Share Index dipped by 1.39% and market capitalisation moderated to N55.04 trillion.

Market sentiment remained negative, with 27 losers outweighing 10 gainers, indicating widespread sell-offs across various sectors. Africa Prudential Plc, Omatek, and Juli Plc were among the few gainers.

Despite the challenges faced by these companies, market analysts remain cautiously optimistic about the prospects of the Nigerian Exchange.

They emphasize the importance of monitoring market dynamics and making informed investment decisions amidst the prevailing volatility.

As the Nigerian Exchange navigates through turbulent waters, investors are advised to exercise prudence and diligence in their investment strategies to mitigate risks and capitalize on potential opportunities that may arise in the market.

Continue Reading

Nigerian Exchange Limited

Nestle, Eterna, Fidson Drag Nigerian Exchange Down, Wiping Out N51bn

Published

on

stock bear - Investors King

The Nigerian Exchange (NGX) opened the week in the red as Nestle Plc, Eterna, and Fidson Healthcare Plc closed lower to wipe out a combined N51 billion from the market capitalization.

Nestle Plc shed 10 percent to close at N990 per share while Eterna and Fidson Healthcare Plc plummeted by 9.97 percent and 9.82 percent to settle at N15.80 and N15.15 per share, respectively.

At the close of trading, the All-Share Index (ASI) dipped by 0.09 per cent to 101,995.53 points and the NGX market capitalization fell to N55.81 trillion.

This downturn reflects investors’ concerns about the stability of these key companies amidst broader economic uncertainties.

Analysts had anticipated a bearish sentiment as investors sought guidance from economic policymakers and corporate earnings reports.

With the NGX struggling to find solid footing, investors remain cautious about their portfolio allocations, especially with rising fixed-income yields and impending monetary policy decisions.

The trading session saw a marginal increase in transaction volume, rising by 1.14 percent to 294.32 million units.

However, the value of transactions surged by 12 per cent to N6.72 billion, indicating intensified trading activity despite the overall market decline.

Also, the number of deals rose by 29 percent to 9,957, showcasing heightened market participation.

While the banking sector recorded a modest 1.35 percent gain, driven by increased interest in FBN Holdings, JaizBank, and Sterling Financial Holdings Plc, other sectors faced challenges.

The consumer goods and oil/gas sectors experienced notable declines, contributing to the overall negative sentiment.

As market participants await corporate earnings reports and the outcome of the Monetary Policy Committee meeting, the NGX remains susceptible to volatility, highlighting the need for cautious investment strategies in the current economic landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending