Weekly review: Stock market records N622bn gain amid decline in benchmark index

The Nigerian stock market added N622 billion to investors’ wealth during the week, as market capitalisation rose by 0.39 per cent to close at N157.057 trillion.

This is in spite of a 0.14 per cent decline in the Nigerian Exchange Limited (NGX) All-Share Index to 243,462.13 points.

The market opened the week with a capitalisation of N156.445 trillion and an All-Share Index of 243,798.76 points.

Sectoral performance was largely positive, with all other indices closing higher except the NGX Main Board, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, NGX Industrial Goods, NGX Growth, and NGX Sovereign Bond indices.

These declined by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent and 0.33 per cent, respectively, while the NGX Commodity Index closed flat.

Trading activity weakened during the week as investors traded 2.819 billion shares valued at N182.499 billion in 226,729 deals.

This is compared with 3.648 billion shares worth N220.568 billion exchanged in 251,861 deals in the preceding week.

The Financial Services Industry dominated market activity with 2.006 billion shares valued at N99.697 billion traded in 96,171 deals, accounting for 71.17 per cent of total equity volume and 54.63 per cent of total value traded.

The Consumer Goods Industry followed with 178.863 million shares worth N7.872 billion in 26,637 deals, while the Oil and Gas Industry recorded 151.237 million shares valued at N38.309 billion in 16,879 deals.

Stock market rebounds as investors gain N849bn

The three most traded equities by volume were First Holdco Plc, FCMB Group Plc, and Access Holdings Plc, which jointly accounted for 939.402 million shares worth N57.673 billion in 19,051 deals.

The trio contributed 33.33 per cent of total traded volume and 31.60 per cent of total traded value.

Market breadth weakened during the week as 44 equities advanced, down from 60 in the previous week, while 35 equities declined compared with 28 recorded previously.

67 equities closed unchanged, higher than 58 in the preceding week.

Leading the gainers’ chart for the week were First Holdco, Thomas Wyatt Nigeria, Fidelity Bank, Learn Africa, and United Bank for Africa, which appreciated by N26.75, 66 kobo, N2.85, N1.30, and N4.50, respectively.

On the losers’ table, BUA Cement, Red Star Express, International Energy Insurance, C&I Leasing, and PZ Cussons Nigeria recorded the steepest declines, shedding N64.60, N4.55, 84 kobo, 85 kobo, and N9.05, respectively.

Meanwhile, the NGX notified trading licence holders that 13.812 billion additional ordinary shares of 50 kobo each of Sterling Financial Holdings Company Plc were admitted to its Daily Official List on July 16, further boosting the company’s issued share capital.