Market Review: Investors Trade Over N90bn Worth of Shares, 4 Companies Announce Dividends

• The stock market last week witnessed a drop in investor activity as over 2.286 billion shares exchanged hands
• The financial services sector led activity with 59.28% of total volume, while the NGX All-Share Index rose 2.37%
• Sovereign Trust Insurance Plc topped gainers with a 16.73% rise, while LivingTrust Mortgage Bank Plc led losers, falling 14.61%

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.

Trading activities on the Nigerian Exchange (NGX) slowed this week as investors exchanged 2.286 billion shares valued at N90.280 billion in 138,177 deals.

This is a decline from the 8.403 billion shares worth N115.501 billion traded in 115,801 deals the previous week.

Data from NGX showed that the financial services industry led the activity chart, accounting for 1.355 billion shares valued at N24.588 billion in 59,553 deals.

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The sector also contributed 59.28% and 27.23% to the total equity turnover volume and value, respectively, for the week.

It was followed by the ICT Industry, which recorded 182.822 million shares worth N7.807 billion in 12,597 deals, while the agriculture Industry placed third with 181.501 million shares worth N3.548 billion traded in 8,924 deals.

Snapshot of the market

Ellah Lakes Plc, Chams Holding Company Plc, and Fidelity Bank Plc traded 430.968 million shares worth N5.597 billion in 10,254 deals. This represents 18.86% of total volume and 6.20% of total value

While the NGX All-Share Index and Market Capitalisation appreciated by 2.37% to close the week at 146,988.04 points and N93.296 trillion, respectively, reflecting renewed investor confidence in the market.

Top gainers

The week’s top-performing stocks included:

• Sovereign Trust Insurance Plc : gained 16.73% to close at N3.21
• Omatek Ventures Plc: rose 12.30% to N1.37
• AXA Mansard Insurance Plc : up 11.81% to N16.10
• Chams Holding Company Plc: appreciated 11.69% to N4.30
• MTN Nigeria Communications Plc: advanced 10.82% to N471.00
• Other notable gainers were Seplat Energy Plc (+10.00%) and SFS Real Estate Investment Trust (+9.97%).

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Top losers

On the losers’ chart, LivingTrust Mortgage Bank Plc led the decline with a 14.61% drop to N5.20.

It was followed by Neimeth International Pharmaceuticals Plc (-10.96%), UH Real Estate Investment Trust (-9.98%), and Meyer Plc (-9.85%).

Other major decliners included PZ Cussons Nigeria Plc (-8.51%) and Haldane McCall Plc (-7.21%).

Major corporate dividend announcement

Among the listed companies that declared interim dividends during the week were:

• United Bank for Africa Plc; N0.25 per share
• Zenith Bank Plc: N1.25 per share
• Stanbic IBTC Holdings Plc: N2.50 per share
• Guaranty Trust Holding Company Plc: N1.00 per share

Jaiz Bank rebrands

Earlier, Legit.ng reported that Jaiz Bank Plc has announced a rebrand, featuring a new logo and refreshed corporate colours, with yellow as the dominant colour.

In a statement released on NGX, the non-interest bank said the rebranding reflects its vision for the future and commitment to customers.

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The bank shared details of the changes.

Source: Legit.ng