The Nigerian equities market breadth closed negative as the market capitalization lost N6 billion on Wednesday, 19th July 2023.
The market experienced a minor downturn of 1.31% on Wednesday, ending the session at N34,716 trillion in value. This was a marginal drop of N6 billion compared to the previous day’s closing value of N34,722 trillion.
The Nigerian Stock Exchange experienced a marginal drop on Wednesday, as the All-Share Index (ASI) decreased by 0.01% to close at 63,757.23 points, from its previous closing of 63,766.72 points on Tuesday.
Market Indices
Below are the market indices for today’s trading session:
NGX ASI: 63,757.23 points
% Day Change: -0.01%
% YTD: +24.40%
Market Cap: N34,716 trillion
Volume Traded: 473.49 million
Value: N10.08 billion
Deals: 7,403
How Stocks Performed
The stock market closed with a mixed performance, as HONYFLOUR led the gainers’ chart with a 10% increase in its share price. GEREGU, however, topped the losers’ chart with a 10% decline.
JAPAULGOLD was the most traded stock, with the highest volume of shares transacted at the close of trading.
Trading activity in the market was slightly lower today, as the number of completed deals dropped to 7,403 from 8,970 in the previous session.
Top Gainers and Top Losers
HONYFLOUR was the best performer among the listed stocks today, as it recorded a 10% appreciation in its share value. ETERNA and ACADEMY were not far behind, as they both increased by nearly 10% as well. These three companies dominated the market with their impressive returns.
The decline in the share value of some key players adversely impacted the market performance. GEREGU and PRESTIGE topped the losers’ chart with a 10% drop each, while FTNCOCOA followed closely with a 9.61% loss.
Top Traded Stocks
Trading activity in the market plummeted on Wednesday, as the total value of shares traded stood at N10.08 billion, a sharp decline from the N42.81 billion recorded on Tuesday.
The market experienced a sharp decline in trading volume of 45.5%, falling to 473.49 million shares from 868.80 million shares the day before. This meant a difference of 395.31 million shares traded in the market.
The most active stocks in today’s market were JAPAULGOLD, FCMB and STERLINGNG, which recorded the highest trading volumes among all equities. These stocks traded 77.98 million, 36.62 million, and 31.24 million units of shares, respectively.
The trading session of the market today was marked by a high level of activity from DANGSUGAR, which recorded a turnover of N845.90 million. FCMB came in second with a turnover of N221.83 million, while FIDELITYBK ranked third with a turnover of N160.86 million.
SWOOTs Watch
MTN NIGERIA gain boosted the positive performance of the stock market today as its earnings increased by 1.85%. Another contributor to the market growth was GTCO, which rose by 0.87%.
However, the banking sector weighed on the market mood, as UBA and ZENITH BANK declined by 4.35% and 1.68% respectively.
AIRTEL AFRICA, DANGOTE CEMENT, BUA CEMENT and BUA FOODS maintained their closing prices from yesterday, indicating a steady market performance for these companies. This implies that there were no significant shifts in their competitive advantages or investor confidence.
FUGAZ Update
GTCO was the only gainer among the major banks in the stock market today, with a 0.87% increase in its share price. The rest of the banking sector dragged the market down, as UBA, ZENITH BANK, ACCESS HOLDINGS and FBNH posted losses of 4.35%, 1.68%, 0.6%, and 0.56% respectively. The overall market sentiment was negative, reflecting the weak performance of the financial industry.