NGX Investors Miss N103bn As Insurance And Banking Stocks Drop

Stock Investors Record N5.6tn Profit In 12 Months

During the week that was shortened due to the Sallah vacation, the NGX Insurance Index fell by 1.32% week over week, making it the biggest loser.The overall market indices saw a 0.18 percent fall as a result of this.

Subsequently, the NGX 30 Index experienced a 0.16 percent decrease, while the NGX Banking Index experienced a weekly decline of 0.04 percent.

On the other hand, the NGX Consumer Goods Index jumped by 0.29 percent, while the NGX Oil and Gas Index topped the gainers, increasing by 0.35 percent week over week. Additionally, week over week, the NGX Industrial Goods Index increased by 0.10 percent and the NGX Pension Index increased by 0.20 percent.

In particular, the sell pressure seen in the downtrending sectors caused the stocks of VFD Group, AIICO, Insurance, and AXA Mansard. It also include FBN Holdings, Fidelity Bank, Zenith Bank, MTN Nigeria, Transcorp Hotel, among others.

Consequently, NGX All-Share Index and market capitalisation depreciated by 0.18 per cent to close the week at 99,743.05 and N56.424 trillion each compared to 99,925.38 and N56.527 trillion respectively recorded in the previous week.

As a result, investors lost N103 billion week-on-week. Meanwhile, 53 equities appreciated in price during the week higher than 51 equities in the previous week. 25 equities depreciated in price higher than 24 in the previous week, while 76 equities remained unchanged, lower than 79 recorded in the previous week.

A total turnover of 3.301 billion shares worth N53.157 billion in 27,536 deals was traded this week by investors on the floor of the Exchange, in contrast to 2.633 billion shares valued at N43.652 billion that exchanged hands last week in 33,709 deals.

Trading in the top three equities namely: Fidelity Bank Plc, FBN Holdings Plc and Veritas Kapital Assurance Plc measured by volume accounted for 2.469 billion shares worth N37.405 billion in 3,006 deals.

This contributed 74.80 and 70.37 per cent to the total equity turnover volume and value respectively. Additionally, NGX30Z4 and NGX PENSIONZ4 Futures Contracts were listed on the NGX on Wednesday at N3,905 and N3,885 respectively and would expire on Dec. 20.

Fidelity Bank Plc’s rights issue of 3.2 billion ordinary shares of 50 kobo each at N9.25 per share on the basis of one new ordinary share for every existing 10 ordinary shares held as at the close of business on Jan.5 also opened on Thursday and would close on July 29.

Meanwhile, looking ahead to the next week, analysts at Cowry Asset Management Ltd. have predicted that the local bourse will trade in mixed sentiment.

They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait and see approach.

The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to fluctuate. According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude.

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