The Nigerian Exchange (NGX) closed the week ending Thursday on a bearish note, as investors lost N833bn in a trading week shortened by the Eid el Maulud public holiday. With Friday, September 5, declared a holiday by the Federal Government, market activities were limited to four sessions.
By the end of the week, the All-Share Index (ASI) dropped 0.94 per cent to settle at 138,980.01 points, down from the previous week’s 140,300.26 points. Market capitalisation also fell by N833bn to close at N87.937tn, compared with N88.770tn a week earlier. Sectoral performance revealed that most indices ended in the red, except for the Growth Index and Commodity Index, which posted marginal gains of 0.15 per cent and 0.04 per cent, respectively. The ASeM Index remained unchanged.
Trading data showed a turnover of 3.117bn shares worth N90.295bn in 118,018 deals, slightly below the 3.199bn shares valued at N85.399bn exchanged in 142,477 deals the previous week. This reflected fewer deals but a higher transaction value.
The Financial Services Industry dominated activity by volume, with 2.542bn shares worth N30.357bn traded in 52,390 deals. This represented 81.55 per cent and 33.62 per cent of total equity turnover by volume and value, respectively. The Services Industry followed with 114.610m shares worth N816.381m in 6,098 deals, while the Consumer Goods Industry ranked third with 105.452m shares worth N5.492bn exchanged in 13,346 deals.
In terms of activity, Sovereign Trust Insurance Plc, Access Holdings Plc, and Fidelity Bank Plc led by volume, accounting for 1.685bn shares worth N9.813bn in 9,367 deals. This represented 54.05 per cent and 10.87 per cent of the market’s total turnover volume and value. Sovereign Trust Insurance dominated trading with 1.416bn shares valued at N4.21bn exchanged in 124 deals. Nigerian Breweries Plc followed with 41.2m shares worth N2.82bn, while Fidelity Bank Plc recorded 30.6m shares valued at N642.1m. Zenith Bank Plc also featured prominently with 26.4m shares worth N1.70bn.
Market breadth was negative, with only 19 gainers compared to 32 in the prior week. Sixty-four equities declined, higher than the 57 recorded the previous week, while another 64 closed flat, up from 57 previously.
Top gainers for the week included Sovereign Trust Insurance Plc, which gained 14.23 per cent to close at N2.97 per share. Secure Electronic Technology Plc appreciated 12.94 per cent to N0.96, while Cornerstone Insurance Plc advanced 12.36 per cent to N7.18. NCR Nigeria Plc, SCOA Nigeria Plc, and Guinea Insurance Plc also recorded notable price increases.
On the flip side, DAAR Communications Plc led the losers with a 21.10 per cent decline to N0.86 per share. UPDC Plc shed 13.85 per cent to close at N5.60, while AIICO Insurance Plc lost 13.61 per cent to end at N3.49. Other major laggards included Champion Breweries Plc (-13.29 per cent), PZ Cussons Nigeria Plc (-13.28 per cent), and Lafarge Africa Plc (-13.08 per cent). Learn Africa Plc, Eterna Plc, and University Press Plc also dropped by 10 per cent, 10 per cent, and 9.75 per cent, respectively.
Analysts attributed the bearish sentiment to profit-taking, cautious positioning due to the shortened trading week, and weak investor confidence amid macroeconomic headwinds.
Nevertheless, despite the week’s setback, the NGX has retained a year-to-date gain of 35.03 per cent, buoyed by sustained demand for fundamentally strong stocks, particularly in the banking, insurance, and consumer goods sectors.
