Nigeria’s Stock Market Gains 0.3% As New Week Begins

Stock Investors Record N5.6tn Profit In 12 Months

The NGX benchmark index finished at 49,189.32 points, up 0.3% on the day. As a result, the market’s year-to-date (YTD) return increased to 15.2% from 14.8% the previous trading day.

MULTIVERSE (+9.9%), FCMB (+8.0%), and UBN (+7.8%) were the top gainers in today’s trading session. ACADEMY (-10.0%), NEM (-8.9%), and NEIMETH (-8.3%) were the day’s biggest losses.

The overall volume and value exchanged for today’s trading session fell by 29.5% and 73.2%, respectively, to 119.3 million units and 854.8 million. COURTVILLE, FCMB, and ZENITH BANK topped the volume chart with 24.4 million, 20.0 million, and 8.9 million units, respectively. ZENITH BANK, MTNN, and FCMB, on the other hand, lead the value chart with 177.1mn, 75.6mn, and 69.4mn, respectively.

Across sectors under our coverage, performance was more bearish as three indices declined while two indices gained.
The Insurance index declined the highest by 261bps, followed by the Oil and Gas and Consumer Goods indices which declined by 34bps and 11bps respectively. We attribute their losses to selloffs in NEM (-8.9%), OANDO (-2.0%), and CHAMPION (-7.9%) respectively.

Also, the highest gainer was the Industrial Goods index which increased by 189bps, followed by the Banking index which gained 52bps. We attribute the gains to buyers’ interests in BUACEMENT (+5.4%) and FCMB (+8.0%) respectively.

Quick Insight

MULTIVERSE MINING AND EXPLORATION PLC has taken the top spot following today’s trading session, gaining 9.9% from 17 deals with a total volume and value exchanged of 595,306 units and 1.8 million pounds.

Our data suggest that the company’s revenue has increased dramatically. However, the debt-to-income ratio is high. Total assets decreased by 4.6% from 4.5 billion in 2017 to 4.3 billion in 2021, while total liabilities increased by 117.6% over the same five-year period. Furthermore, the company has a high debt ratio, with an average debt ratio of 0.9 over the last five years.

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