The Nigerian Exchange Limited (NGX) commenced the week on a bearish note as investors lost N57 billion on Monday.
The All-Share Index and market capitalization both moderated by 0.15% to close at 71,008.70 index points and N39.050 trillion, respectively.
The day’s losses were attributed to price declines in key stocks, including Zenith Bank (-0.75%), Stanbic IBTC Holdings (-7.08%), NB (-2.50%), AccessCorp (-0.58%), Fidelity Bank (-0.57%), and several others.
This negative performance resulted in a decrease in market activity, with both value and volume traded dropping by 27.77% and 18.83%, reaching N4.36 trillion and 358.45 million units, respectively.
Despite the overall decline, market breadth, a measure of investor sentiment, was positive, with 36 gainers and 15 losers.
Notable gainers included MeCure Industries, Multiverse, ABC Transport, C&I Leasing, and Northern Nigerian Flour Mills, closing with gains ranging from 9.83% to 9.95%.
Among the 15 losers, RT Briscoe, Prestige, Stanbic IBTC, Computer Warehouse Group, and Caverton were prominent, with losses ranging from 2.78% to 9.84%.
The day’s volume and value drivers included the stocks of AccessCorp, AIICO, Zenith Bank, Geregu Power, VFD Group, and Airtel Africa.
Investors are closely watching market dynamics as the week unfolds, navigating the ever-changing landscape of the Nigerian stock market.
Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List
The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.
NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.
Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.
On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.
Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.
Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.
However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.
Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.
Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.
ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.
The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.
Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.
Nigerian Stock Market Records Marginal Decline, MTN and Dangote Sugar Lead Losers
The Nigerian Exchange Limited witnessed a marginal downturn as market capitalization slipped by N35 billion on Wednesday.
The All-Share Index and Market Capitalization both depreciated by 0.09% to close at 71,003.98 points and N39.047 trillion, respectively.
Despite this dip, market breadth remained positive with 36 gainers and 15 losers.
Major contributors to the decline included MTN Nigeria (-0.63%), Dangote Sugar (-1.64%), Lafarge Africa Plc (-1.34%), United Bank for Africa (-0.24%), and FBN Holdings (-4%).
Gainers were led by RT Briscoe, Daar Communications, and Unity Bank, each posting a 10% gain. Meanwhile, MeCure Industries, Multiverse, and Secure Electronic Technology saw increases of 9.96%, 9.82%, and 9.52%, respectively.
On the downside, C&I Leasing, Prestige Assurance, International Breweries Plc, UPDC Real Estate Investment Trust, and FBN Holdings recorded losses of 7.58%, 7.55%, 5.56%, 4.60%, and 4%, respectively.
Sectoral performance varied, with the Banking and Insurance sectors posting marginal gains of 0.19% and 0.75%.
In contrast, the Consumer Goods and Industrial Goods sectors experienced losses of 0.19% and 0.08%, while the Oil/Gas index remained unchanged.
Market activity showed improvement, with total deals rising by 1.95% to 6,677 trades. The total traded value for the day surged by 128.85% to N7.37 billion, although the total volume declined by 12.81% to 428.44 million units.
Veritaskap led in trading volume, while MTN Nigeria dominated in terms of value, amounting to N2.81 billion.
The fluctuation in market indices underscores the dynamic nature of the Nigerian stock market, influenced by both local and global economic factors.
Investors are carefully navigating these shifts to optimize their portfolios in a constantly evolving market landscape.
Stock Market Gains N183 Billion Last Week
The Nigerian stock exchange market extended its gain last week as investors pocketed N183 billion.
During the week, investors exchanged 2.025 billion shares worth N27.693 billion in 32,763 deals against a total of 2.525 billion shares valued at N45.297 billion that exchanged hands in 32,815 deals in the previous week.
Breaking down activities for the week, the Financial Services Industry led the activity chart with 1.202 billion shares valued at N11.481 billion traded in 12,775 deals, therefore contributing 59.38% and 41.46% to the total equity turnover volume and value, respectively.
The Oil and Gas Industry followed with 328.656 million shares worth N3.163 billion in 4,713 deals.
In third place was the Services Industry, with a turnover of 131.249 million shares worth N539.745 million in 2,263 deals.
Japual Gold and Venture Plc, Fidelity Bank Plc and Jaiz Bank Plc were the most traded equities during the week, accounting for a combined 488.181 million shares worth N1.967 billion that exchanged hands in 3,136 deals and contributed 24.11% and 7.10% to the total equity turnover volume and value, respectively.
The NGX All-Share Index appreciated by 0.37% to close the week at 71,112.99 index points from 70,849.38 index points recorded in the previous week while the market capitalisation of all listed equities expanded by N183 billion to N39.108 trillion.
Similarly, all other indices finished higher with the exception of NGX Main Board, NGX Banking, NGX Industrial Goods and NGX Sovereign Bond which depreciated by 0.11%, 0.04%, 1.18% and 0.27% respectively while the NGX ASeM index closed flat.
Fifty-four equities appreciated in price during the week higher than thirty-seven equities in the previous week. Thirty equities depreciated in lower than forty-three in the previous week, while seventy-two equities remained unchanged, lower than seventy-five recorded in the previous week.
Year to date, the Exchange has returned 38.75%. See the table below for the top 10 gainers and losers.
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