Stock Market Ends Week Lower, Market Capitalisation Decline
- The equities market closed the week lower, with the All-Share Index and market capitalisation declining
- Financial Services stocks dominated trading activity, while select Oil & Gas, Growth, and Commodity indices recorded gains.
- Deap Capital Management & Trust Plc, SCOA Nigeria Plc, and NCR Nigeria Plc topped the gainers
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Dave Ibemere, a Legit.ng journalist with expertise in the Nigerian economy, stock market, and overall market trends
The Nigerian Exchange ended the week on a bearish note as the NGX All-Share Index (ASI) and market capitalisation depreciated by 0.39% and 0.37% to close at 165,512.18 points and N105.959 trillion respectively.
All other indices closed lower during the week, except the NGX Oil & Gas, NGX Lotus II, NGX Growth, and NGX Commodity indices, which recorded gains of 1.36%, 0.37%, 6.27%, and 0.79% respectively.
Source: Getty Images
Investors on the floor of the Exchange traded a total turnover of 3.748 billion shares valued at N99.865 billion in 237,179 deals during the week. This represents a decline compared with the previous week’s 4.607 billion shares worth N130.636 billion exchanged in 263,439 deals.
How the market performed
The Financial Services industry led market activity by volume, with 1.742 billion shares valued at N44.893 billion traded in 90,589 deals. This accounted for 46.49% of total equity turnover volume and 44.95% of total value.
The Services industry followed, recording 707.617 million shares worth N4.379 billion traded in 18,322 deals. The ICT industry ranked third, with a turnover of 303.216 million shares valued at N5.932 billion in 24,107 deals.
Trading in the top three equities by volume—Secure Electronic Technology Plc, Tantalizers Plc, and Access Holdings Plc—accounted for a combined turnover of 734.086 million shares worth N5.720 billion in 15,726 deals. This represented 19.59% of total market volume and 5.73% of total market value.
Market breadth
Market breadth weakened during the week, as 58 equities recorded price appreciation, lower than the 80 equities recorded in the previous week.
Forty equities depreciated in price, higher than 17 recorded in the previous week, while 50 equities closed unchanged, the same number as the previous week.
Gainers and losers
Top 10 Price Gainers
- Deap Capital Management & Trust Plc: +60.09%
- SCOA Nigeria Plc: +59.73%
- NCR Nigeria Plc: +46.36%
- Zichis Agro Allied Industries Plc: +44.75%
- Daar Communications Plc: +41.67%
- RT Briscoe Plc: +40.71%
- UH Real Estate Investment Trust: +37.61%
- Learn Africa Plc: +34.62%
- Tripple Gee & Company Plc: +33.21%
- Morison Industries Plc: +32.86%
Top 10 Price Decliners
- Eterna Plc: -11.92%
- Secure Electronic Technology Plc: -10.19%
- Industrial & Medical Gases Nigeria Plc: -9.95%
- Aluminium Extrusion Industries Plc: -9.95%
- UPDC Plc: -8.06%
- Coronation Insurance Plc: -8.06%
- Nigerian Breweries Plc: -7.78%
- Transnational Corporation Plc: -7.24%
- International Breweries Plc: -7.02%
- Guinea Insurance Plc: -6.72%
CBN’s foreign reserves rise
Earlier, Legit.ng reported that Nigeria’s foreign exchange reserves have risen for the first time in five months, offering fresh support to the Central Bank of Nigeria’s efforts to stabilise the naira.
In a statement on its website, the CBN reaffirmed its commitment to supplying liquidity to the foreign exchange market to reduce pressure on the local currency.
Data showed that the country’s forex reserves edged up by $1.72 million over the weekend, closing at $33.22 billion.
Source: Legit.ng
