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Trump: Nigerian Stock Market Closes Week on the Negative
Capital Market

Trump: Nigerian Stock Market Closes Week on the Negative

by  Dave Ibemere
3 min read
  • The Nigerian Exchange closed the week on a low, as US President Donald Trump's military threat weakened market sentiment
  • Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc were the most traded equities
  • On the losers’ table were Sovereign Trust Insurance Plc, C & I Leasing Plc, Skyway Aviation Handling Company Plc, and Berger Paints Plc

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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Investors on the Nigerian Exchange (NGX) traded a total of 3.575 billion shares worth N107.011 billion across 146,429 deals during the week ended Friday, November 7

Data published showed that the activity level declined when compared with the 7.479 billion shares valued at N145.429 billion traded last week in 159,487 deals.

The Nigerian Exchange ends the week in red after sustained sell-offs.
Market sentiment weakens on the Nigerian Exchange amid profit-taking activities. Photo: NGX
Source: Getty Images

Snapshot of how the market performed

The Financial Services sector dominated trading with 2.946 billion shares worth N65.904 billion exchanged in 62,817 deals, representing 82.39% of the total equity turnover volume and 61.59% of total value.

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The Services sector followed with 147.325 million shares valued at N1.511 billion in 7,656 deals, while the Consumer Goods sector recorded 147.307 million shares worth N11.195 billion traded in 18,644 deals.

The top three equities by volume, Fidelity Bank Plc, FCMB Group Plc, and Aso Savings & Loans Plc , accounted for 1.288 billion shares worth N19.300 billion in 11,536 deals, contributing 36.03% and 18.08% to the total equity turnover volume and value, respectively.

Market sentiment

Market sentiment closed negatively during the week as 20 equities appreciated in price, lower than the 29 recorded in the previous week.

Meanwhile, 75 equities declined, higher than 70 recorded last week, while 51 remained unchanged, compared with 47 in the previous week.

Nigerian Exchange records over 3.5 billion shares traded in five days.
Traders monitor stock prices on the floor of the Nigerian Exchange in Lagos. Photo: AHSP
Source: Getty Images

Top 10 price gainers

  1. NCR (Nigeria) Plc: +20.94%
  2. Eunisell Interlinked Plc: +20.17%
  3. Union Dicon Salt Plc: +9.93%
  4. Honeywell Flour Mill Plc: +9.50%
  5. UPDC Plc: +6.81%
  6. Livestock Feeds Plc: +5.71%
  7. eTranzact International Plc: +4.33%
  8. LivingTrust Mortgage Bank Plc: +3.50%
  9. Abbey Mortgage Bank Plc: +2.86%
  10. Okomu Oil Palm Plc: +2.78%

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Top 10 price Decliners

  1. Sovereign Trust Insurance Plc: -28.21%
  2. C & I Leasing Plc: -20.16%
  3. Skyway Aviation Handling Company Plc: -18.99%
  4. Berger Paints Plc: -17.41%
  5. International Energy Insurance Plc: -17.01%
  6. Oando Plc: -16.75%
  7. Tantalizers Plc: -16.67%
  8. The Initiates Plc: -16.02%
  9. Champion Breweries Plc: -13.33%
  10. Aso Savings & Loans Plc: -12.62%

Naira appreciates against US dollar

Earlier, Legit.ng reported that the Nigerian naira closed the week N15 weaker against the U.S. dollar, weighed down by a surge in dollar demand and heightened investor anxiety following threats of U.S. military intervention in Nigeria by President Donald Trump over alleged Christian genocide.

The currency depreciated from N1,421.73 per dollar at the close of the previous week to N1,436.58 per dollar by Friday at the official window, reflecting a mild but symbolic retreat in the face of foreign exchange pressure.

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Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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