Weekly Review: Nigerian Stock Market Gains ₦622bn Despite Lower Trading Activity
The Nigerian stock market closed the week on a positive note, adding ₦622 billion to investors’ wealth as market capitalisation rose by 0.39 per cent to ₦157.057 trillion.
The All-Share Index (ASI) however declined marginally by 0.14 per cent, closing at 243,462.13 points, down from 243,798.76 points at the start of the week.
Sectoral performance was mixed. Most indices recorded gains, but the NGX Main Board, Consumer Goods, Oil and Gas, Lotus II, Industrial Goods, Growth, and Sovereign Bond indices closed lower. The NGX Industrial Goods index led the decliners with a 6.26 per cent drop. The NGX Commodity Index remained flat.
Trading activity weakened during the week. Investors exchanged 2.819 billion shares worth ₦182.499 billion in 226,729 deals, compared to 3.648 billion shares valued at ₦220.568 billion in 251,861 deals the previous week.
The Financial Services Industry dominated trading, accounting for 71.17 per cent of total equity volume and 54.63 per cent of total value. A total of 2.006 billion shares worth ₦99.697 billion were traded in that sector.
The Consumer Goods and Oil & Gas industries followed, with 178.863 million shares worth ₦7.872 billion and 151.237 million shares worth ₦38.309 billion, respectively.
TOP TRADED EQUITIES
First Holdco Plc, FCMB Group Plc, and Access Holdings Plc were the most active stocks. The three accounted for 939.402 million shares valued at ₦57.673 billion, representing 33.33 per cent of total volume and 31.60 per cent of total value traded.
MARKET BREADTH
Market breadth weakened as 44 equities advanced (down from 60 the previous week), while 35 equities declined (up from 28). A total of 67 stocks closed flat, compared to 58 in the prior week.
TOP GAINERS
– First Holdco Plc: +₦26.75
– Thomas Wyatt Nigeria: +66 kobo
– Fidelity Bank: +₦2.85
– Learn Africa: +₦1.30
– United Bank for Africa: +₦4.50
TOP LOSERS
– BUA Cement: -₦64.60
– Red Star Express: -₦4.55
– International Energy Insurance: -84 kobo
– C&I Leasing: -85 kobo
– PZ Cussons Nigeria: -₦9.05
CORPORATE ACTION
The Nigerian Exchange (NGX) announced the admission of 13.812 billion additional ordinary shares of 50 kobo each of Sterling Financial Holdings Company Plc to its Daily Official List on July 16, increasing the company’s issued share capital.
Overall, the market maintained a positive performance for the week despite reduced trading volumes and a slight dip in the benchmark index.