Weekly Market Update: Investors Traded N161bn as NGX Ends Week Negative

• The Nigerian Exchange closed the week lower, with the All-Share Index declining by 0.25% and market capitalisation easing to N160.077 trillion
• Financial Services stocks dominated trading activity, accounting for 62.19% of total turnover volume, led by Sovereign Trust Insurance
• Market breadth was negative as 38 equities advanced, while Sovereign Trust Insurance, Trans-Nationwide Express

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.

The Nigerian Exchange Limited (NGX) closed the trading week on a negative note as investors traded 3.875 billion shares worth N161.757 billion in 334,745 deals, reflecting weaker market activity compared to the previous week.

This was lower than the 7.772 billion shares valued at N374.040 billion exchanged in 402,945 deals recorded a week earlier.

Snapshot of the market's performance

The NGX All-Share Index and market capitalisation declined by 0.25% and 0.23% respectively to close the week at 249,712.37 points and N160.077 trillion.

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Trading activity was dominated by the Financial Services industry, which accounted for 2.410 billion shares valued at N69.712 billion traded in 126,919 deals. The sector contributed 62.19% and 43.10% to the total equity turnover volume and value, respectively.

The Services industry followed with 409.306 million shares worth N5.409 billion traded in 25,908 deals, while the Oil & Gas industry ranked third with 294.859 million shares valued at N31.496 billion exchanged in 26,738 deals.

The top three traded equities by volume were Sterling Financial Holdings Company Plc, Fidelity Bank Plc and Access Holdings Plc. The trio accounted for 1.092 billion shares worth N19.527 billion traded in 21,683 deals, contributing 28.18% and 12.07% to the total equity turnover volume and value, respectively.

Market breadth also closed negative during the week, as only 38 equities appreciated in price, lower than the 74 gainers recorded in the previous week.

Meanwhile, 55 equities depreciated, higher than 24 equities in the preceding week, while 53 equities remained unchanged, compared with 48 recorded previously.

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Major movers

• Associated Bus Company Plc 6.27-9.08, gaining 2.81 (+44.82%).
• Academy Press Plc 7.05-9.15, gaining 2.10 (+29.79%)
• University Press Plc 5.00-6.40, gaining 1.40 (+28.00%)
• International Energy Insurance Plc 2.79-3.41, gaining 0.62 (+22.22%)
• Learn Africa Plc 10.85-12.90, gaining 2.05 (+18.89%)
• Japaul Gold & Ventures Plc 3.34-3.82, gaining 0.48 (+14.37%)
• Zichis Agro Allied Industries Plc 29.43-33.65, gaining 4.22 (+14.34%)
• Oando Plc 47.00-52.50, gaining 5.50 (+11.70%)
• FTN Cocoa Processors Plc 8.96-9.90, gaining 0.94 (+10.49%)
• Aluminium Extrusion Industries Plc 9.00-9.90, gaining 0.90 (+10.00%)

Top price decliners

• Sovereign Trust Insurance Plc 2.94-2.28, losing 0.66 (-22.45%)
• Trans-Nationwide Express Plc 7.06-5.72, losing 1.34 (-18.98%)
• CAP Plc 233.70-199.00, losing 34.70 (-14.85%)
• Berger Paints Plc 168.95-147.60, losing 21.35 (-12.64%)
• R.T. Briscoe Plc 15.83-14.06, losing 1.77 (-11.18%)
• NCR (Nigeria) Plc 179.10-161.20, losing 17.90 (-9.99%)
• Industrial & Medical Gases Nigeria Plc 42.30-38.10, losing 4.20 (-9.93%)
• Livestock Feeds Plc 9.80-8.90, losing 0.90 (-9.18%)
• VFD Group Plc 10.95-9.95, losing 1.00 (-9.13%)
• Ellah Lakes Plc 10.95-10.05, losing 0.90 (-8.22%)

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First bank's parent company completes sale of bank

Legit.ng earlier reported that First Bank’s parent company exits banking that First HoldCo Plc, a wholly-owned subsidiary of First Bank of Nigeria Plc has closed its divestment from its merchant banking arm FBNQuest Merchant Bank Limited with the sale of 100 percent of its equity in the firm to EverQuest Group.

First HoldCo Plc in a filing with the Nigerian Stock Exchange on Wednesday stated that the divestment from its merchant bank, FBNQuest Merchant Bank Limited to EverQuest Group was an on-going exercise as a strategy to optimize capital allocation and increase capital efficiency as well as support growth within its primary commercial banking business.

Source: Legit.ng