Nigerian Stocks Market Fall 1.21% As Investors Take Profits Despite Stronger Trading
- The Nigerian Exchange closed the week lower, with the All-Share Index declining by 1.21% and market capitalisation falling to N147.103 trillion
- Financial Services stocks dominated trading activity, accounting for 60.99% of total turnover by volume
- Market sentiment remained weak as only 22 equities advanced, while 57 declined, led by International Energy Insurance
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.
Nigerian equities ended last week in the red as investors booked gains, pushing down the index by 1.21%, while market activity gained traction compared to the prior week.
The Nigerian Exchange (NGX) All-Share Index shed 1.21% to 229,240.34 points, and market capitalisation reduced to N147.103 trillion, according to the Exchange’s weekly market review.
Source: Getty Images
However, despite a dip in share prices during the week under review, investors were more active in terms of volume and value.
They traded 3.821 billion shares in 258,567 deals, valued at N154.393bn, as against 2.324 billion shares transacted in 249,328 deals, valued at N134.486bn, a week earlier.
The financial services sector, which accounts for over 60 per cent of the equity trading volume, topped the activity chart by volume and value. They recorded 2.330 billion shares, worth N54.606bn, traded in 108,978 deals.
It accounted for 60.99% of the total equity turnover by volume and 35.37% of the total turnover by value.
In the process, services and consumer goods were second and third, respectively, as they recorded 509.473 million and 216.344 million shares worth N16.353 billion and N8.057 billion respectively, transacted in their counters.
Sterling Financial Holdings, Access Holdings and Ikeja Hotel dominated investors’ attention in terms of the highest volume transacted in the week with 1.405 billion shares valued at N28.370bn transacted.
The figures represent 36.78% of the total volume and 18.37% of the total value.
The market was bearish in sentiment, as the bears had a field day as the number of advancers did not change in the week (22 stocks) from that of the prior week; while the number of decliners and stagnant stocks expanded by 33.17% (57) and 46.15% (67) respectively, compared to the preceding week.
Source: Getty Images
Here is a snapshot of the top winners and losers
Top price gainers
- Airtel Africa Plc: N4,358.80 to N5,274.00 (+N915.20, 21.00%)
- Regency Assurance Plc: N0.79 to N0.95 (+N0.16, 20.25%)
- UPDC Plc: N3.25 to N3.65 (+N0.40, 12.31%)
- DAAR Communications Plc: N1.53 to N1.65 (+N0.12, 7.84%)
- Sunu Assurances Nigeria Plc: N3.60 to N3.87 (+N0.27, 7.50%)
- Japaul Gold & Ventures Plc: N2.90 to N3.10 (+N0.20, 6.90%)
- Chams Holding Company Plc: N4.02 to N4.25 (+N0.23, 5.72%)
- Coronation Infrastructure Fund: N110.00 to N116.00 (+N6.00, 5.45%)
- CWG Plc: N20.00 to N21.00 (+N1.00, 5.00%)
- Cutix Plc: N2.68 to N2.80 (+N0.12, 4.48%)
Top price decliners
- International Energy Insurance Plc: N5.79 to N4.70 (-N1.09, -18.83%)
- McNichols Plc: N8.60 to N7.00 (-N1.60, -18.60%)
- University Press Plc: N5.70 to N4.70 (-N1.00, -17.54%)
- R.T. Briscoe Plc: N11.80 to N10.15 (-N1.65, -13.98%)
- UPDC Real Estate Investment Trust: N10.00 to N8.70 (-N1.30, -13.00%)
- Universal Insurance Plc: N1.01 to N0.88 (-N0.13, -12.87%)
- Guinea Insurance Plc: N1.03 to N0.90 (-N0.13, -12.62%)
- NEM Insurance Plc: N29.00 to N25.50 (-N3.50, -12.07%)
- Honeywell Flour Mill Plc: N15.85 to N14.00 (-N1.85, -11.67%)
- The Initiates Plc: N29.00 to N25.85 (-N3.15, -10.86%)
Source: Legit.ng
