Nigerian Stock Market Shed 3.1% Last Week Amid Broad Selloff

The Nigerian Exchange Limited (NGX) extended its decline last week as economic uncertainties amid rising interest rates, unemployment rate, wide foreign exchange rates and weak earnings clouded the economic outlook ahead of the 2023 General Elections.

During the week, investors transacted 1.546 billion shares worth N16.289 billion in 23,873 deals, in contrast to a total of 917.190 million shares valued at N14.803 billion that exchanged hands in 19,513 deals in the previous week.

Breaking down each sector, the Financial Services Industry led the activity chart with 1.192 billion shares valued at N5.978 billion traded in 11,996 deals. Therefore, contributing 77.11% and 36.70% to the total equity turnover volume and value, respectively.

The Conglomerates Industry followed with 102.969 million shares worth N236.618 million in 858 deals. In third place was the Consumer Goods Industry, with a turnover of 102.937 million shares worth N2.616 billion in 3,167 deals.

International Energy Insurance Plc, Transcorp Hotels Plc and Zenith Bank Plc were the three most traded equities. Together, the three accounted for 798.900 million shares worth N2.602 billion that exchanged hands in 3,110 deals and contributed 51.69% and 15.98% to the total equity turnover volume and value, respectively.

The NGX All-Share Index depreciated by 3.10% to close the week at 50,370.25 index points, down from 51,979.92 index points it settled a week ago.

The market capitalisation dipped to N27.163 trillion, representing a N868 billion decline from N28.031 trillion recorded in the previous week.

Similarly, all other indices finished lower with the exception of The NGX Sovereign Bond Index which appreciated by 0.08% while, The NGX ASeM and NGX Growth indices closed flat.

Eleven equities appreciated in price during the week, lower than nineteen in the previous week. Fifty-three equities depreciated in price higher than thirty-six in the previous week, while ninety-two equities remained unchanged lower than one hundred and one equities recorded in the previous week.

The year-to-date gain moderated to 17.92% last week. See other details below.