Thursday, May 23, 2024

Equity Market Loses N516bn on Waning Investors’ Interests

Investors on the Nigerian Exchange Limited lost N516bn in one week of trading as the volume of trade tumbled by 65.76 per cent.

With the exchange opened for only four days of trading in the past week due to a public holiday, the total turnover of shares was 1.339 billion shares worth N17.916bn which were traded in 27,874 deals. In the previous week, investors on the floor of the exchange traded a total of 3.911 billion shares valued at N30.379bn which exchanged hands in 38,536 deals.

The NGX All-Share Index and Market Capitalisation depreciated by 1.40 per cent to close the week at 66,382.14 and N36.331tn respectively.  Other indices finished lower with the exception of NGX Insurance, NGX Consumer Goods, NGX Lotus ll, and NGX Sovereign Bond which appreciated by 2.77 per cent, 1.59 per cent, 0.20 per cent and 0.98 per cent respectively while the NGX ASeM index closed flat.

Investors At NGX End Week On Bearish Sentiment

Financial Services Industry (measured by volume) led the activity chart with 940.539 million shares valued at N11.370bn traded in 14,627 deals; thus contributing 70.25 per cent and 63.46 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 95.954 million shares worth N584.249m in 1,760 deals. The third place was the Oil and Gas Industry, with a turnover of 69.323 million shares worth N782.269m in 1,688 deals.

The top three equities traded include Access Holdings Plc, United Bank for Africa Plc and Transnational Corporation Plc (measured by volume) accounted for 456.454 million shares worth N6.469 billion in 6,579 deals, contributing 34.09 per cent and 36.11 per cent to the total equity turnover volume and value respectively.

At the end of the trading sessions, 25 equities appreciated lower than 48 equities in the previous week. Forty-seven equities depreciated in price higher than 40 in the previous week, while 83 equities remained unchanged, higher than 67 recorded in the previous week.

At the close of the week, Beta Glass, Ikeja Hotel, Computer Warehouse Group, Consolidated Hallmark Insurance and  Cornerstone led the gainers’ chart as their share prices advanced by +30.41 per cent, +30 per cent, +23.57 per cent, +20 per cent and +17.52 per cent respectively while the laggards for the week include Oando, FTN Cocoa processors, Sunu Assurances, Unity Bank and BUA Cement whose share prices nosedived by -33.76 per cent, -19.68 per cent, -14.29 per cent, -13.64 per cent and -11.08 per cent week on week.

On the outlook for the week, analysts are of the view that bearish sentiments will be sustained as the market seeks catalysts and policy pronouncements to trigger bullish trading.

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