Investors on the Nigerian Exchange Limited (NGX) experienced a loss of N516 billion in one week of trading, with a notable decrease in trading volume. The total turnover of shares dropped by 65.76%, with the exchange operating for only four days due to a public holiday. The NGX All-Share Index and Market Capitalisation depreciated by 1.40%, closing at 66,382.14 and N36.331 trillion respectively. The Financial Services Industry led in activity volume, contributing 70.25% to the total equity turnover volume. Analysts expect bearish sentiments to continue unless triggered by catalysts or policy pronouncements.
Key Points:
- Total shares traded: 1.339 billion shares worth N17.916 billion.
- Previous week’s total shares traded: 3.911 billion shares valued at N30.379 billion.
- NGX All-Share Index and Market Capitalisation depreciation: 1.40%.
- Top three equities traded: Access Holdings Plc, United Bank for Africa Plc, and Transnational Corporation Plc.
- Gainers: Beta Glass, Ikeja Hotel, Computer Warehouse Group, Consolidated Hallmark Insurance, and Cornerstone.
- Losers: Oando, FTN Cocoa processors, Sunu Assurances, Unity Bank, and BUA Cement.
Analysis: The Nigerian stock market experienced a significant drop in trading activity, resulting in substantial losses for investors. Factors contributing to this decline may include market sentiment, economic conditions, and global events. The market outlook suggests that bearish sentiments may persist unless positive catalysts or policy announcements provide a boost. Investors will closely monitor developments in the coming weeks.
