NGX Market Capitalisation Down by N238 Billion

The Nigerian Stock Exchange (NGX) witnessed a decline of N238.55 billion to begin the new week as investors' profit-taking activities led to the decline of prices of MTN Nigeria Communication Plc and 26 others, which caused a slide in market capitalization.

The NGX All-Share Index declined by 0.4% to close at 104,663.34 basis points, as the month-to-date and year-to-date returns moderated to +4.7% and +40%, respectively.

The next market capitalisation dropped by N238 billion to close at N59.178 trillion from N59.416 trillion when the market opened for trading.

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The NGX Insurance Index added 3%, the NGX Banking Index gained 2.5%, while the NGX Industrial Goods and NGX Oil & Gas indices closed flat. The NGX Consumer Goods Index was down by 0.4%, the sole loser for yesterday.

However, market breadth closed positive, as 27 stocks gained relative to 18 losers. 

Top Gainers: Associated Bus Company led the chart with a gain of 9.86% to close at 78 kobo per share. NEM Insurance followed with a gain of 9.77% to close at N7.30, while Livestock Feeds advanced by 9.68% to close at N1.70 per share. Nigerian Exchange Group followed with a gain of 9.55% to close at N24.10, while Thomas Wyatt Nigeria appreciated by 9.34% to close at N1.99 per share. 

Top Losers: McNichols led the chart with 9.30%, closing at N1.17 per share. DAAR Communications followed with a decline of 8.97%, closing at 71 kobo, while UPDC shed 7.89%, closing at N1.40 per share. MTNN lost 7.58%, closing at N247.50, while Regency Alliance Insurance depreciated by 5.13%, closing at 37 kobo per share.

The total volume traded went up by 32.34% to 287.446 million units, valued at N10.801 billion, exchanged in 9,077 deals. Transactions in the shares of the United Bank for Africa (UBA) led the activity, with 46.232 million shares worth N1.190 billion. GTCO followed with 35.350 million shares valued at N1.651 billion, while Transcorp traded 21.506 million shares valued at N325.986 million.

Zenith Bank traded 21.488 million shares worth N834.055 million, while FBN Holdings (FBNH) traded 17.920 million shares worth N698.140 million.

United Capital Plc stated this week, "We expect mixed sentiments towards the equities market, with bearish sentiment persisting in the background, given the elevated interest rate regime. However, we expect solid corporate actions and fundamentals to continue to spur pockets of bargain-hunting activities among investors."

Back Story

Investors' activities last week ahead of the dividend-paying season led to a positive week, as the Nigerian Exchange gained N2.12tn in the past week.

The NGX All-Share Index appreciated by 3.71% week-on-week to settle at 105,085.25 index points.

Market capitalisation finished the week at N59.42tn, indicating a 45.21% year-to-date return for investors.

Weekly deals declined to 1.773 billion shares worth N52.87bn exchanged in 44,713 deals, lower than 2.157 billion units of shares valued at N108.82bn that exchanged hands in the previous week in 51,556 deals.

The top three securities with the highest volume of activities were Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc. Together, they issued 677.439 million shares worth N17.29b in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value, respectively.

Top Gainers: Julius Berger led the chart with  30.58% to close at N72.60; Omatek Ventures added 23.08% to close at N0.80; and MTN Nigeria appreciated by 20.49% to close at N267.80.

Top Losers: International Energy Insurance Plc led 27.38% to close at N1.22 per unit, SUNU Assurances lost 19.11% to close at N1.27, and LASACO Assurance lost 14.53% to close at N2.

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