Equity market loses N83bn in one week
The Nigerian Exchange lost N83bn last week as both the All-Share Index and market capitalisation depreciated by 0.15 per cent due to sell-offs in big stocks.
The ASI closed the week at 96,433.53 points, while the market capitalisation settled at N55.39tn.
Despite a downward trend, the NGX Oil and Gas Index bucked the market’s performance with a 1.52 per cent gain.
During the week, investors traded 2.14 billion shares worth N51.22bn in 55,603 deals, decreasing from the previous week’s 2.82 billion shares valued at N53.048bn traded in 50,488 deals
The financial services industry led activity, accounting for 1.23 billion shares valued at N19.98bn, representing 57.40 per cent of total equity turnover volume and 39 per cent of value.
Following closely was the oil and gas industry, which traded 262.484 million shares worth N18bn in 14,275 deals.
The service industry placed third with a turnover of 155.587 million shares valued at N532.94m in 3,558 deals.
The top three equities by volume were Access Holdings Plc, Oando Plc, and Zenith Bank Plc.
Together, they accounted for 517.336 million shares worth N24.45bn traded in 15,502 deals, contributing 24.16 per cent of total equity turnover volume and 47.75 per cent of value.
Daily trading revealed fluctuations in turnover volumes and values.
On Monday, the market recorded 498.119 million shares worth N11.037bn in 13,149 deals.
By Tuesday, the volume dipped to 473.004 million shares valued at N10.411bn in 12,532 deals.
The decline continued into Wednesday, with 389.232 million shares worth N8.180bn traded in 12,039 deals and Thursday’s session saw a slight rebound, as 388.617 million shares exchanged hands for N9.565bn across 9,897 deals.
The week ended stronger on Friday with 392.509 million shares valued at N12.024bn in 7,986 deals.
Last week, 36 equities appreciated, down from 46 in the previous week, while 46 stocks declined, higher than the 26 recorded in the prior week and 69 equities remained unchanged.
The top gainers included Industrial & Medical Gases Nigeria Plc, which rose by 32.58 per cent to close at N35.00.
Berger Paints Plc gained 31.12 per cent, closing at N18.75, while E-Tranzact International Plc climbed 20.59 per cent to N6.15.
On the flip side, RT Briscoe Plc led the losers with a 27.61 per cent drop, closing at N2.57.
FTN Cocoa Processors Plc declined by 18.38 per cent, closing at N1.51.
Additionally, University Press Plc has announced a price adjustment following its dividend declaration.
The company’s closure date was on September 5.
The last close price of University Press was N2.51 per share and it has declared a N0.025 dividend per share
“The local bourse retreated from last week’s positive territory, triggered by sell-offs on major stocks despite a pocket of gains during the week. As such, the NGX All-Share Index declined by 15bps w/w to 96,433.53 points.
“Likewise, market capitalisation shed 15 basis points (N83.8bn) to N55.4tn while year-to-date return pared to 29.0 per cent (previously 29.2 per cent). Similarly, average volume and value traded weakened by 24.1 per cent and 3.5 per cent to 428.3m units and N10.2bn, respectively,” Afrinvest stated in its market review
