By Chiamaka Okechukwu, Last updated Sep 22, 2023
Nigeria’s stock market ended the week on a bearish note, with the key index dropping by 1.39 percent at the close of business on Friday.
NGX All-Share Index and Market Capitalization Decline
The NGX All-Share Index and Market Capitalization witnessed a downward trend throughout the week, depreciating by 0.11% to close at 67,324.59 and N36.847 trillion respectively.
Performance of Other Indices
While most indices finished higher, there were declines in the NGX 30, NGX Premium, NGX AFR Div Yield, NGX Lotus ll, NGX Industrial Goods, NGX Growth, and NGX Pension Broad indices. These indices recorded drops of 0.13%, 3.45%, 1.72%, 0.12%, 4.80%, 0.36%, and 0.14% respectively. On the other hand, the NGX ASeM index remained unchanged.
Trading Activity
Investors on the floor of the Exchange traded a total of 3.911 billion shares worth N30.379 billion in 38,536 deals. This reflects a decrease compared to the previous week, where a total of 2.933 billion shares valued at N47.449 billion were traded in 44,654 deals.
Sectoral Performance
The Financial Services Industry dominated the trading activity, accounting for 2.774 billion shares valued at N15.241 billion in 16,379 deals. This represented 70.92% and 50.17% of the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 438.508 million shares worth N5.203 billion traded in 6,258 deals. The third place was occupied by the ICT Industry, with a turnover of 294.470 million shares valued at N4.447 billion in 3,078 deals.
Top Traded Equities
The top three equities in terms of volume were Universal Insurance Plc, Oando Plc, and United Bank for Africa Plc. These stocks accounted for 2.212 billion shares worth N8.907 billion traded in 7,593 deals, contributing 56.56% and 29.32% to the total equity turnover volume and value respectively.
ETP Segment
In the ETP segment of the market, a total of 51,116 units valued at N4.485 million were traded in 112 deals. This marked an increase compared to the previous week, where a total of 16,562 units valued at N2.658 million were transacted in 73 deals.
Bonds Market
In the bonds market, a total of 95,921 units valued at N98.305 million were traded in 27 deals. This represented a slight decrease compared to the previous week, where a total of 94,257 units valued at N103.270 million were transacted in 33 deals.
With this sustained bearish sentiment, investors will continue to assess the market dynamics and make informed decisions for the coming week.
