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 (4th to 8th September 2023).
Despite the uncertainty towards the Presidential Election Petitions Tribunal (PEPT) ruling, the market managed to rise (0.91%) with the All-Share Index closing at 68,143.34 points as Market Capitalization closed at N37.295 trillion.
Sectoral Performance:
Banking Sector: The banking sector performed admirably throughout the week as the index gained 5.5%.
Zenith Bank led the FUGAZ group to a positive outlook during the week, which boosted the overall performance of the sector.
Oil & Gas Sector: The oil and gas sector experienced losses (-0.12%) despite the price of crude oil rising beyond $90 per barrel in the international market.
Consumer Goods Sector: Investors in the consumer goods sector reacted positively (2.24%) during the week.
Winners and Losers:
Winners: The top 5 best-performing stocks for the week include CWG (44.14%), TANTALIZERS (39.39%), OANDO (38.74%), BETAGLASS (32.95%), and OMATEK (26.09%)
Losers: The top 5 losers for the week include CHELLARAMS (-18.77%), CORNERSTONE INSURANCE (-11.43%), CHIPLC (-11.30%), MORISON (-9.89%) and VITAFOAM (-9.27%)
AGM Watch
During the week in review, two companies disclosed announcements for their respective upcoming Annual General Meetings.
On Tuesday, ARBICO Plc announced that their 45th Annual General Meeting will be held at Plot D, Block 7, Industrial Crescent, Ilupeju, Lagos on Thursday, 14th September 2023 at 11.00 a.m.
On Wednesday, GUINNESS NIGERIA Plc announced that their 73rd Annual General Meeting will be held at the Grand Banquet Hall, Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos State on Tuesday, 24th October 2023 at 11.00 a.m.
Market Outlook:
Looking ahead, it would be interesting to see how the Nigerian equities market reacts to events that unfolded at the just concluded G20 summit in India as President Tinubu commended Indian investors for significant investment pledges amounting to nearly $14 billion committed during the Nigeria-India Presidential Roundtable and Conference in New Delhi, India.
