Oil and gas as well as banking stocks were some of the biggest losers in the Nigerian Exchange (NGX) during the week ending May 18, 2024.
The NGX Oil/Gas Index, which tracks the performance of five oil and gas stocks Conoil, MRS, Eterna Plc, Seplat Energy and TotalEnergies—declined by 6.49%, closing the week at 1,177.92 points, down from last week’s 1,259.69 points.
Cumulatively, these oil and gas stocks, including Oando Plc, lost N194.1 billion in market value, with Seplat alone shedding N193.7 billion in market value as its market cap declined from N1.94 trillion to N1.74 trillion. MRS’s proposed delisting had no effect on the group’s stock as it recorded no price changes during the week.
Meanwhile, the NGX Banking Index closed the week at 791.54, representing a 5.31% decline from last week’s points.
The United Bank for Africa (UBA) lost 17.23%, while Unity Bank and FCMB Group shed 12.57% and 11.39% respectively.
Overall market highlights
During the week, the NGX’s All-Share Index declined marginally by 0.11% to close at 98,125.73 points from last week’s 98,233.76 points. Equities lost N54 billion as the market capitalization closed at N55.508 trillion, representing a 0.10% decline from last week’s N55.562 trillion. The market closed the week with a year-to-date gain of 31.23%, down from last week’s YtD gain of 31.37%.
The market breadth was negative during the week, though 28 stocks recorded price gains. This is in contrast with 40 from last week. However, 51 equities recorded price losses this week, as against 37 from the previous week. Seventy-six equities recorded no price changes during the week.
Investors traded 1.652 billion shares worth N42.677 billion in 38,123 deals on the floor of the Exchange this week. This marks a decrease from last week’s total of 2.187 billion shares valued at N50.667 billion, which were exchanged in 45,277 deals.
The top gainers during the week were International Energy Insurance, McNichols Plc, Custodian Investment Plc, and Julius Berger Nigeria Plc, which gained 11.49%, 9.89%, 9.68%, and 9.53% respectively. Airtel Africa gained 8.97% to record the largest gain in value, as its market cap increased from N7.41 trillion to N8.08 trillion during the week.
Tantalizers Plc also continued its bullish performance from last week when it gained 27.78%. This week, Tantalizers gained 8.70% to end the week at N0.50. Since the announcement of its N1.07 billion capital raise on May 7, Tantalizers has been on a bullish run.
Among the losers, PZ Cussons Nigeria topped the chart with 22.16%, as its share price declined to N21.60. The company’s share price also fell by 26.97% during the week ending May 10, 2024.
So far in May 2024, PZ Cussons’ share price has declined by a whopping 75.9%, as the company is presently undergoing structural changes instead of a delisting from the NGX.
Other top losers include NEM Insurance, Eterna Plc, and UBA which lost 18.36%, 18.32%, and 17.23% respectively. Initiates Plc and Omatek Ventures Plc also lost 15.22% and 14.86% respectively.
