The equities market posted a bullish performance in the past week, as the aggregate value of listed equities rose by N1.33 trillion, a 3.89% increase.
This was reflected in the increase of the market capitalization from N34.069 trillion the previous week to N35,395 trillion at the close. The market was driven by strong demand for blue-chip stocks and improved investor sentiment.
The NGX All-Share Index (ASI) recorded a remarkable growth of 2,433.66 points in the week ending on Friday. The index closed at 65,003.39 points, showing a 3.89% rise from the prior week’s closing of 62,569.73 points.
The market showed a strong performance as the market witnessed its highest index point of 65,003.39 for the week.
This was a significant increase from the previous week’s closing of 62,569.73 points, suggesting a positive momentum for the market.
The market’s lowest index point for the week stood at 62,943.35 points recorded on Monday 17th July 2023.
The Nigerian stock market has demonstrated a positive trend in the current month, with a 6.62% increase in its performance.
The annual return of the market was also remarkable, reaching 26.83%. This reflects the resilience and growth potential of the Nigerian economy.
Top Gainers & Losers for the Week
The weekly stock market report showed that JOHN HOLT PLC outperformed all other stocks with a remarkable 58.01% increase in its share price. CHELLARAMS PLC came in second with a 32.39% rise, followed by STERLING FINANCIAL HOLDINGS PLC with 27.33%, ECOBANK TRANSNATIONAL INCORPORATED with 27.17% and CWG PLC with 26.38%. These were the top five stocks with the highest price gains for the week.
FTN COCOA PROCESSORS PLC was the worst performer of the week, shedding 29.08% of its value. It was followed by COURTEVILLE BUSINESS SOLUTIONS PLC, which declined by 28.09%. ABBEY MORTGAGE BANK PLC also recorded a significant drop of 26.32%. LINKAGE ASSURANCE PLC and JAPAUL GOLD & VENTURES PLC rounded up the list of top five losers, falling by 20% and 15.15% respectively.
AGM Watch
The following companies made announcements of their respective Annual General Meetings.
Briclinks Africa Plc, announced on the 20th of July 2023 that their 1st Annual General Meeting will be held on Monday, August 28, 2023, at 77 Nelson Mandela Asokoro, Abuja, at 2:00 pm.
On Tuesday, 18th July 2023, Livestock Feeds Plc notified the NGX of their 59th Annual General Meeting will be held at Festival Hotel, Diamond Estate Amuwo Odofin, Lagos State on Wednesday, 19 July 2023 at 10.00 am.
Insider Trades Activities
On Friday 21st July 2023, the ENKO Opportunity Growth Fund linked to a Director of Ecobank Transnational Incorporated (ETI), Alain Nkontchou purchased 66.33 million shares of the bank.
The shares were bought at an average price of N14.72, for a total consideration of N917.54 million ($1.17 million), on the Nigerian Exchange Limited (NGX).
Stocks That Will Pay Dividends Next Week
The following stocks are set to pay dividends in the coming week.
Airtel Africa Plc is set to pay dividends on 26th July 2023. The shareholders who would receive dividends are those whose name are on the register as at an undisclosed qualification date.
The total dividends to be paid by Airtel Africa Plc is $122.89 million.
Airtel Africa Plc ended the week trading at N1,319.90 per share with a market capitalization of N4.96 trillion.
Livingtrust Mortgage Bank Plc is set to pay dividends on 24th July 2023. The shareholders who would receive dividends are those whose names are on the register as of the qualification date of 6th July 2023.
The total dividends to be paid by Livingtrust is N60 million.
Livingtrust ended the week trading at N2.47 per share with a market capitalization of N12.35 billion.
Industrial and Medical Gases Nigeria Plc is set to pay dividends on 25th July 2023. The shareholders who would receive dividends are those whose names is on the register as of the qualification date of 6th July 2023.
The total dividends to be paid by Industrial and Medical Gases Nigeria Plc is N199.79 million.
Industrial and Medical Gases Nigeria Plc ended the week trading at N8.80 per share with a market capitalization of N4.39 billion.
The performance of the stock (equity) market is an indicator of how vibrant the economy is.
The government should pay more attention to the stock market by implementing such reforms that will make for efficiency in the market. The present gains in the stock market can be sustained with good and improved regulations.
Are you aware that NGX secretly delisted Ardova petroleum without any public notification? The company is no longer on the Daily official list. This regulatory failings are what destroys investors confidence. There is no confirmation that minority shareholders were paid off. Why would we not end this selective regulatory preferences. We do not know the number of companies that have been delisted without investors knowledge. Why would regulators wittingly allow minority shareholders to be ripped off. What documents did Ardova submitted to confirm that minority shareholders have been settled. Perhaps if not for public scrutiny, oando would have been delisted clindestinely. This is shameful and below international standards. The same way NGX purchased CSCS overpriced