Due to a generally negative atmosphere on the local marketplace, the market capitalization of shares on the Nigerian Exchange (NGX) was down by more than N21 billion at the start of the week. This came after the bears’ rampage in the stock market, which lasted for four out of the last five days of the previous week.
Unfavorable economic trends in Nigeria have caused a decline in key indices. The currency market is noticeably under artificial pressure, which is compelling local investors to evaluate their portfolio holdings.
Stock market performance indicators fell by -0.06%, lowering the year-to-date return, as a result of a wave of selling rallies fueled by investors’ gloomy outlook. A 26.72% yearly inflation rate is trending upward. According to statistics, the year-to-date return has reduced to 30.49% from +30.56%.
According to Atlass Portfolios Limited’s market report, the market index or the All Share Index fell by 38.49 basis points, or -0.06%, to end at 66,876.92.
However, according to trade statistics published on the Nigerian Exchange website, market activities finished on a mixed note. The total amount of trading for the day climbed by +52.81% in volume while falling by -31.22% in value.
Stockbrokers reported that 6,133 trades totaling roughly 314.62 million units valued at 4,388.13 million were completed.
UBA accounted for 15.05% of all trade activity, making it the most actively traded stock in terms of volume. The top four lenders after the Pan African Lender were ACCESSCORP (12.88%), FCMB (9.28%), GTCO (8.72%), and TRANSCORP (5.25%).
Due to market size advantage, GTCO was the most traded stock in value terms, with 21.89% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart with a price appreciation of 9.92 per cent.
The company which was the best performer in the stock market last week was trailed by ACADEMY (9.71%), IKEJAHOTEL (+9.52%), CHAMS (+7.38%), TANTALIZER (+6.90%), and eighteen others. Twenty-one stocks depreciated, stockbrokers reported, citing data from the Nigerian stock market. CADBURY was the top loser, with a price depreciation of -10.00%.
VFDGROUP lost 9.99%, MCNICHOLS dipped by 9.68%, UPL spiked by 9.32%, CHIPLC fell by 5.22% and OMATEK bumped by 4.44%. In spite of the trading direction, the market breadth closed positive, recording 23 gainers and 21 losers.
Even then, the market sector performance was positive. Two of the five major market sectors closed in the green, including the Insurance (+0.68%), and the Banking sector (+0.44%).
Meanwhile, the Consumer goods sector was down by -0.30% and the Industrial and Oil & Gas sectors closed flat. Overall, equities market capitalisation dropped by ₦21.15 billion, representing a drop of -0.06%, to close at ₦36.74 trillion from ₦36.76 trillion last Friday.
