The equities market experienced a downturn on Friday to close the week, as the Nigerian Stock Exchange (NSE) lost a whooping N232 billion in market capitalization.
This was double the loss recorded on Thursday as negative sentiment among investors leads to low demand for stocks.
The market capitalization of the Nigerian Stock Exchange dipped by 0.65% on Friday, closing at N35,403 trillion from the previous day’s closing of N35,635 trillion.
The NSE All-Share Index (ASI) declined by 0.65% in the latest trading session, closing at 65,056.39 points.
The index shed 426.52 points from the previous day’s close of 65,687.16 points.
Market Indices
Below are market indices for today’s trading session:
NGX ASI: 65,056.39 points
% Day Change: -0.65%
% YTD: +26.94%
Market Cap: N35,403 trillion
Volume Traded: 459.770 million
Value: N5.35 billion
Deals: 8,051
How Stocks Performed
COURTVILLE was the top performer of the day, as it saw its share price rise by 10% amid positive market sentiment. On the other hand, CHAMS and GUINNESS were the worst performers, as they both plunged by 10% due to weak earnings reports. UBA was the most active stock, as it traded the highest volume of shares at the end of the trading session.
The market witnessed a decrease in trading activity, with the number of deals settling at 8,051, compared to 8,070 in the previous session.
Top Gainers and Top Losers
COURTVILLE saw a 10% rise in its stock price to top the gainer chart at the end of the week. ABBEYBDS and OMATEK also performed well as their stocks appreciated by 8.91% and 8.89% respectively to close the week.
The market experienced a severe downturn as the stock values of some leading firms dropped significantly. CHAMS and GUINNESS posted the biggest losses of 10%, followed by JOHNHOLT with a 9.84% decline
Top Traded Stocks
Trading activity in the Nigerian stock market boosted on Friday, close of the week, as the total value of shares traded rose by a notable 11.69% to N5.35 billion.
This represents an absolute increase of N0.56 billion from the previous day’s value of N4.79 billion.
The trading activity was however subdued with lower trades compared to the previous day.
The volume of shares traded on the exchange on Friday declined by a massive 9.72%, closing at 459.77 million shares from the 509.25 million shares traded on Thursday.
The most active stocks in the market today were UBA, JAPAULGOLD and ACCESSCORP. UBA led the activity with a volume of 57.62 million shares, followed by JAPAULGOLD with 48.08 million shares and ACCESSCORP with 44.16 million shares.
The NSE daily report showed that UBA had the highest trading volume, with 57.62 million shares changing hands among investors for a total of N832.31 million.
ACCESSCORP was the second most traded stock, with 44.16 million shares worth N766.95 million, while FIDELITYBK ranked third, with 37.64 million shares valued at N320.72 million.
SWOOTs Watch
The banking sector recorded a marginal gain at the close of trading today, thanks to the positive results of ZENITH BANK and GTCO, which increased their revenues by 0.86% and 0.13% respectively.
On the other hand, MTN NIGERIA and UBA suffered a loss of 3.44% and 0.67% in their stock value, which weighed down the market performance.
AIRTEL AFRICA, DANGOTE CEMENT, BUA CEMENT and BUA FOODS remained unchanged at the end of today’s trading session, reflecting a stable market performance for these companies.
FUGAZ Update
The Nigerian banking sector showed resilience amid the market downturn in the last trading session, as two of the leading banks recorded gains in their share prices.
ZENITH BANK led the pack with a 0.86% increase, followed by GTCO with 0.13%. FBNH, ACCESS HOLDINGS, UBA lagged with a decline of 4.87%, 4.72%, 0.67% in their share price respectively.
