Nigerian Exchange Limited

BUA Cement, Eterna, Fidson Lead Declines in NGX as Market Sheds 0.67%

Published

1 month ago

August 7, 2024

The Nigerian equities market closed in the red on Tuesday, shedding 0.67% and resulting in a loss of approximately N371 billion.

The negative trend was driven by investors selling off major stocks, including BUA Cement, Eterna, and Fidson Healthcare, on the Nigerian Exchange Limited (NGX).

At the close of trading, the NGX All-Share Index (ASI) dropped from the previous day’s high of 97,582.41 points to 96,928.52 points.

Similarly, the equities market capitalization fell from N55.404 trillion to N55.033 trillion, reflecting the market’s overall negative sentiment.

The day’s trading saw a total of 449,210,428 shares exchanged in 9,381 deals, amounting to N6.735 billion.

Among the actively traded shares were those of UBA, Oando, Veritas Kapital, Sterling Financial Holdings, and Access Holdings.

However, it was the significant declines in BUA Cement, Eterna, and Fidson Healthcare that captured the most attention.

BUA Cement experienced the most substantial drop, with its share price falling from N143.20 to N128.90, a decrease of N14.30 or 9.99%.

This decline significantly impacted the overall market, given BUA Cement’s substantial market capitalization.

Eterna also saw a considerable dip, with its share price dropping from N19 to N17.60, a loss of N1.40 or 7.37%.

Similarly, Fidson Healthcare’s share price decreased from N14.75 to N13.75, down by N1 or 6.78%. Other notable decliners included Thomas Wyatt, which fell from N1.76 to N1.61, and Champion Breweries, which decreased from N3.01 to N2.77.

Market analysts attributed the downturn to a combination of factors, including investor concerns over the naira’s depreciation, foreign exchange instability, and broader economic uncertainties.

The recent performance of the NGX highlights the challenges facing Nigeria’s financial markets as they navigate these economic headwinds.

Tony Anakebe, a maritime expert, emphasized the need for strategic interventions to revive investor confidence and stabilize the market.

“The government must focus on addressing the underlying economic issues affecting the market, including currency stability and foreign exchange policies,” he noted.

Despite the current bearish trend, some market participants remain cautiously optimistic about the market’s long-term prospects.

Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting, suggested that targeted policies and economic reforms could help restore investor confidence and stimulate market recovery.

As the market continues to grapple with these challenges, stakeholders will be closely monitoring developments in the coming weeks. The performance of major stocks like BUA Cement, Eterna, and Fidson Healthcare will be particularly critical in determining the market’s trajectory.

In the meantime, investors are advised to adopt a cautious approach, staying informed about market trends and economic indicators.

The Nigerian equities market’s current volatility underscores the importance of strategic investment decisions in navigating these uncertain times.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Nigerian Exchange Limited

Stock Investors Gain N131 Billion on Tuesday

Published

12 hours ago

September 18, 2024

Samed Olukoya

Nigerian Exchange Limited - Investors King

Nigeria’s equities market opened the holiday-shortened trading week in green as investors bought banking and consumer goods stocks despite record profit taking in insurance, industrial, oil & gas stocks.

“Looking forward, the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the sentiment that rates might have peaked in the fixed income and money markets and investors locking in on current rates, we expect some bearish undertone to persist in the equities market,” according to United Capital research analysts.

The analysts said the bulls “will remain incentivised to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market. Fund managers and businesses may begin to entertain mid-long-term (≥6 months) investment objectives, cherry-picking only sound equities with strong fundamentals and ongoing corporate actions. This strategy will maximise market opportunities, thereby optimising portfolio returns”.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated by 0.23 percent and N131billion from preceding day’s 97,456.62 points and N56.002 trillion respectively to 97,685.63 points and N56.133 trillion.

The market’s year-to-date (YtD) return rose to 30.64 percent.

According to Meristem research analysts, “While we expect subdued participation in the Nigerian equities market this week, we anticipate that buying activity will outweigh profit-taking. Our outlook is hinged on the belief that no major negative catalysts are expected to shift market direction this week. We anticipate that investors will continue selective buying, seeking opportunities across various sectors.

“Additionally, macroeconomic developments and corporate actions from companies could stimulate moderate buying interest in the market. We also do not foresee a significant shift towards the fixed-income market as yields have started to stabilize. However, we acknowledge the potential for profit-taking as short-term investors may look to capitalize on recent gains. Overall, we expect the market to close in the green zone this week,” Meristem analysts said.

Nigerian Exchange Limited

Nigeria’s Equities Market Gains 0.32% Boosted by Nestle, Flourmills, and FBN Holdings

Published

6 days ago

September 13, 2024

Investors King

Nigeria’s equities market rose by 0.32 percent or N178billion on Thursday, thanks to Nestle, Flourmills and FBN Holdings that led the league of major advancers on the Lagos Bourse.

FBN Holdings increased from N24 to N26.40, adding N2.40 or 10percent. Caverton rose from N2.10 to N2.31, up by 21kobo or 10percent.

Flour Mills moved from N45.05 to N49.55, up by N4.50 or 9.99percent. RT Briscoe increased from N3.02 to N3.32, down by 30kobo or 9.93 percent, while Nestle rallied from N810 to N890, N80 or 9.88percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from 96,715.04 points and N55.575 trillion respectively to 97,025.17 points and N55.753 trillion.

Access Holdings, FBN Holding, UBA, Caverton and Zenith Bank shares were most trading stocks. In 9,615 deals, investors exchanged 390,546,861 shares valued at N7.974billion.

Ahead of Thursday’s trading, analysts said broader market sentiment will remain balanced, with risk-averse investors maintaining a cautious stance ahead of any major corporate earnings announcements.

Nigerian Exchange Limited

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

Published

1 week ago

September 11, 2024

Samed Olukoya

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.