Nigerian Stock Market Loses N1.88 Trillion As 59 Equities Decline
- The NGX All-Share Index fell 1.14% week-on-week to 242,770.94 points, while market capitalisation dropped N1.889 trillion to N156.624 trillion
- Investors traded 12.153 billion shares worth N176.058 billion in 224,146 deals, significantly higher than the previous week’s turnover
- Market breadth remained negative, with 59 stocks declining against 26 gainers as BUA Foods, MTN Nigeria and other major stocks came under selling pressure
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The Nigerian equities market closed the week on a bearish note, with losses in BUA Foods Plc and 58 other stocks dragging market capitalisation down by N1.889 trillion.
The market traded negatively for most of the week, with four of the five trading sessions recording losses as investors continued to sell selected large-cap stocks.
The NGX All-Share Index declined by 1.14% week-on-week to close at 242,770.94 points, while market capitalisation fell to N156.624 trillion from its previous level.
Source: Getty Images
Selling pressure on BUA Foods, MTN Nigeria Communications and HBM Nigeria was among the major factors behind the market's weak performance during the week.
Following the decline, the market's year-to-date return moderated to 56.01%.
Market breadth also remained negative, with 59 stocks recording price declines compared with 26 gainers, indicating that the bearish sentiment was broad-based.
Stock market trading activity
- Total turnover: 12.153bn shares worth N176.058bn in 224,146 deals.
- Financial Services: 11.212bn shares worth N88.991bn, accounting for 92.25% of volume.
- ICT: 246.127m shares worth N51.605bn.
- Services: 198.195m shares worth N1.995bn.
- Top three stocks: 9.488bn shares worth N36.219bn, representing 78.07% of total volume.
Top price gainers
- Trans-Nationwide Express Plc: N2.15 to N2.84 (+N0.69, 32.09%)
- International Energy Insurance Plc: N4.04 to N5.32 (+N1.28, 31.68%)
- Sovereign Trust Insurance Plc: N1.67 to N1.90 (+N0.23, 13.77%)
- Chams Holding Company Plc: N4.08 to N4.58 (+N0.50, 12.25%)
- CWG Plc: N19.50 to N21.40 (+N1.90, 9.74%)
- Airtel Africa Plc: N5,801.40 to N6,300.00 (+N498.60, 8.59%)
- Guinea Insurance Plc: N0.74 to N0.80 (+N0.06, 8.11%)
- VFD Group Plc: N11.50 to N12.40 (+N0.90, 7.83%)
- Nigerian Aviation Handling Company Plc: N140.00 to N150.20 (+N10.20, 7.29%)
- Cadbury Nigeria Plc: N58.10 to N62.00 (+N3.90, 6.71%)
Source: Facebook
Top price decliners
- AVA Capital Plc: N11.00 to N7.20 (-N3.80, -34.55%)
- Unilever Nigeria Plc: N145.95 to N118.30 (-N27.65, -18.94%)
- Zichis Agro Allied Industries Plc: N21.55 to N18.30 (-N3.25, -15.08%)
- Thomas Wyatt Nigeria Plc: N3.21 to N2.75 (-N0.46, -14.33%)
- Dangote Sugar Refinery Plc: N73.00 to N64.55 (-N8.45, -11.58%)
- NPF Microfinance Bank Plc: N4.55 to N4.05 (-N0.50, -10.99%)
- Austin Laz & Company Plc: N3.18 to N2.84 (-N0.34, -10.69%)
- Cornerstone Insurance Plc: N5.65 to N5.05 (-N0.60, -10.62%)
- BUA Foods Plc: N845.10 to N760.60 (-N84.50, -10.00%)
- John Holt Plc: N10.10 to N9.10 (-N1.00, -9.90%)
Dangote Refinery files IPO application
Earlier, Legit.ng reported that Dangote Petroleum Refinery has filed a formal application with Nigeria's Securities and Exchange Commission (SEC) to begin the regulatory process for an initial public offering, bringing the company one step closer to what is expected to be Africa's largest stock market listing.
SEC Director-General Emomotimi Agama confirmed the development, saying the refinery's advisers are already working with company officials and the regulator to move the application forward.
He added that the commission does not foresee any delays that could disrupt the planned share sale.
Source: Legit.ng
