Last week, investors made N512 billion on the Nigerian equities market, which was performing well. The market capitalization and All-Share Index ended the week at N56.929tn and 100,539.40, respectively, rising by 0.87 and 0.86 percent, respectively.
Over the course of the week, the price of 37 equities grew, outpacing the 34 stocks from the previous week. The price of 34 stocks decreased from 38 the week before, while the price of 80 stocks remained unchanged from 82 the week before.
This week, 44,277 deals totaling 2.827 billion shares valued at N42.366 billion were made on the exchange’s floor by investors. In contrast, 40,796 deals totaling 2.765 billion shares valued at N85.230 billion were completed last week. This week, the year-to-date return rose to 34.5%.
The Financial Services Industry led the activity chart (measured by volume) with 2.179 billion shares worth N30.667 billion exchanged in 25,260 deals, This industry’s contributions to the overall stock turnover volume and value were 77.08 per cent and 72.38 per cent, respectively.
In 2,068 deals, the Industrial Goods Industry came in second with 246.921 million shares valued at N2.039bn. The Oil and Gas Industry ranked third, with a turnover of 107.218 million shares worth N1.704 billion across 3,128 transactions.
Trading in the top three equities, Jaiz Bank Plc, Cutix Plc, and First City Monument Bank Group (measured by volume), accounted for 1.140 billion shares worth N4.632bn in 2,701 deals, contributing 40.32 per cent and 10.93 per cent to the total equity turnover volume and value, respectively.
This week, a total of 314,760 units worth N9.459 million were traded in 177 deals, as opposed to 34,257 units worth N4.415 million that were transacted in 97 deals the previous week.
Similarly, all other indices finished higher except the Banking, Insurance, Consumer Goods, Oil and Gas, and NGX Sovereign Bond, which depreciated by 0.05 percent, 4.86 percent, 0.20 percent, 0.10 percent, and 4.35 percent, respectively, while the Alternative Securities Market index closed flat.
Analysts predict that next week will be a mildly negative close, driven in part by cautious trading on banking tickers due to increased spotlighting on the sector.
Also, in a new development, the shares of Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc have been delisted from the Nigerian Exchange Limited effective July 18, 2024.
This action follows the provisions of Clause 15 of the General Undertaking, Appendix III of the Rule Book of the Exchange, 2015, Part II, Issuers’ Rules Delisting Process.
The delisting was carried out at the discretion of the Council of the Exchange. According to the rules, a company may be removed from the Official List if there is insufficient public interest in the company, if the company fails to comply with the terms and conditions set by the Exchange, or if the company becomes a subsidiary of another company.
“Trading License Holders and the investing public are hereby notified that under the provisions of Clause 15 of the General Undertaking, Appendix iii of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting process, which states that: “To recognize that Council reserves the right to remove the name of a company from the Official List of The Exchange at its absolute discretion and may, if it considers there is insufficient public interest in the company, viz., adequate shares in the hands of the public; or any of the foregoing terms and conditions are not complied with; or the company becomes a subsidiary of any other company,”
In this case, the affected companies were found to be operating below the listing standards of NGX, rendering their securities unsuitable for continued listing and trading.
“The shares of the three companies below have been delisted from the facilities of Nigerian Exchange Limited effective on Thursday, July 18, 2024, because they are operating below the listing standards of Nigerian Exchange Limited, and their securities are no longer considered suitable for continued listing and trading in the market: Niger Insurance Plc; Resort Savings and Loans Plc; and RAK Unity Petroleum Plc.”
