In the intriguing world of Nigerian equities, each week brings a fresh set of opportunities to Investors.
In this weekly roundup, Nairametrics highlights the key activities that impacted the performance of Nigerian stocks over the past week, providing insightful analysis and highlighting noteworthy trends.
From market indices movements to sectoral performances, here’s a comprehensive overview of the week that was in Nigerian equities.
Market Overview
The Nigerian equities market witnessed a mix of volatility and stability during the week of (18th to 22nd September 2023).
The week began with bullish sentiments as Investors reacted to President Tinubu’s nomination of Cardoso as the new CBN Governor.
We also saw major companies (Oando and Access Holdings) release positive half-year results over the week.
The Central Bank of Nigeria (CBN) announced the postponement of its highly anticipated 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for Monday and Tuesday, September 25 and 26, 2023.
The market’s optimism waned as shares of blue-chip companies had a mixed trading week.
Overall, the NGX All-Share Index and Market Capitalization depreciated by 0.11% to close the week at 67,324.59 and N36.847 trillion respectively.
Sectoral Performance
Banking Sector: The banking sector performed moderately throughout the week as the index marginally appreciated by 0.61%.
UBA led the FUGAZ group to a positive outlook during the week, as the bank gained 6.1% of its value, which boosted the overall performance of the sector.
Oil & Gas Sector: The oil and gas sector experienced a marginal gain of 0.56% as the price of Brent crude hit $95 per barrel in the international market.
Consumer Goods Sector: Investors in the consumer goods sector reacted positively (2.98%) during the week as it was one of the best-performing indexes.
Winners and Losers:
Winners: The top 5 best-performing stocks for the week include SUNU ASSURANCE (32.91%), ELLAH LAKES (28.79%), ETRANZACT (28.57%), CHAMS (19.09%), and ABBEY MORTGAGE BANK (17.65%)
Losers: The top 5 losers for the week include TANTALIZERS (-21.05%), GUINEA INSURANCE (-20.69%), MCNICHOLS (-13.33%), UNITY BANK (-11.29%) and SECURE ELECTRONIC TECHNOLOGY (-10.34%).
Market Outlook
This coming week is the last trading week for September 2023 which has largely seen the bears drive negative market sentiments.
Nairametrics would be on the lookout as to how Investors wrap up the month.
