The Nigerian equities market continued the bearish trend as the value of listed stocks dropped by N707 billion at the end of trading on Wednesday, 13th July 2023.
The market declined by 2.07% to close at N34.167 trillion on Thursday. This is a sharp drop from the previous day’s closing of N34,874 trillion.
The All-Share Index (ASI) plummeted by 1,261.99 points to settle at 62,784.94 points on Thursday. The ASI had closed at 64,046.93 points on Wednesday, indicating a drop of 1.97%.
The market’s transaction value dropped by 2.24 billion, reflecting a decline in demand for shares. The Shares were exchanged for a total of N10.45 billion, a decrease of 17.65% from the N12.69 billion transacted in the previous session.
Market Indices
Below are the market indices for today’s trading session:
NGX ASI: 62,748.94 points
% Day Change: -1.97%
% YTD: +22.50%
Market Cap: N34,167 trillion
Volume Traded: 798.47 million
Value: N10.45 billion
Deals: 10,296
How Stocks Performed
The largest gainer was JOHNHOLT with a 10% increase in value while OMATEK suffered a 10% decline and emerged as the top loser.
UBA maintained its position as the most active stock with the highest volume of traded shares at the end of the trading session, repeating its performance from the previous day.
The trading volume decreased in today’s trading session, with only 10,296 transactions executed, in contrast to 13,878 transactions in the previous session. This shows a decline in market activity.
Top Gainers and Top Losers
JOHNHOLT emerged as the top gainer with a 10% increase in its share value. DANGSUGAR and NASCON followed closely, recording 9.94% and 9.91% appreciation in their stock prices respectively.
OMATEK, TRANSCOHOT and STANBIC all witnessed a 10% drop in their share prices, thereby contributing to the market’s falls.
Top Traded Stocks
The market experienced a significant drop in activity today, as the number of shares traded declined by almost a third (31.17%) compared to yesterday.
The trading volume was 798.47 million shares, down from 1.16 billion shares in the previous session.
The trading volume of UBA, FBNH, and TRANSCORP were the highest among all equities today. They accounted for 99.02 million, 72.69 million, and 68.79 million units of trade, respectively.
GTCO led the market turnover on the bourse today, recording a total value of N1.77 billion. UBA came in second with N1.33 billion, while FBNH was third with N1.28 billion.
SWOOTs Watch
The Nigerian Stock Exchange (NSE) witnessed mixed results today, as some sectors performed better than others.
BUA CEMENT was one of the few winners, increasing its share price by 2.01%. On the other hand, UBA, GTCO, MTN NIGERIA, and ZENITH BANK experienced significant losses of 8.45, 5.56%, 4.64%, and 2.04%, 9.62% respectively, indicating a bearish trend in the banking and telecommunication sectors.
AIRTEL AFRICA, DANGOTE CEMENT, and BUA FOODS maintained their closing values from yesterday, showing no change in their market positions. These companies demonstrated a stable performance, reflecting a balanced demand and supply in the communication, construction, and food industries.
FUGAZ Update
The banking sector dragged down the overall performance of the stock market, as the top five banks recorded significant losses.
FBNH, ACCESS HOLDINGS, UBA, GTCO and ZENITH BANK saw their share prices drop by 9.82%, 9.54%, 8.45%, 5.56% and 2.04% respectively.
