Stock market ends week lower despite 3-day's gains

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On Thursday, equities trading at the Nigerian Exchange Limited (NGX) was bullish as the NGX All-Share Index (ASI) settled 0.35 per cent higher at 51,355.74 basis points.

Having opened for four trading days this week as the Federal Government of Nigeria declared Friday 21st April 2023 and Monday 24th April 2023 as Public Holidays to mark the Eid el-Fitr celebration, the local bourse gained in three day.

On Thursday, extended gains in Tier-1 banking names, Zenith Bank, First Bank of Nigeria Holdings and Access Holdings promoted the bullish trade having appreciated in value by 0.46 per cent, 7.18 per cent and 10.00 per cent, respectively.

Nonetheless, having gained in three of four trading sessions this week, the ASI closed 1.04 per cent lower Week-on-Week (WoW).

Consequently, the ASI year-to-date (YTD) rose to 0.20 per cent, while the market capitalisation lost N304.49 billion WoW to close at N27.96 trillion.

Over the course of the week, losses in MTN Nigeria Communication, Seplat Energies and Zenith Bank were the primary drivers of the broader index’s weak performance as these companies’ share prices dipped by 6.67 per cent, 3.02 per cent and 12.20 per cent, respectively.

Similarly, all other indices finished lower with the exception of NGX Main Board, NGX Pension, NGX Insurance, NGX AFR Div. Yield, NGX MERI Growth and NGX Consumer Goods which appreciated by 0.73 per cent, 1.44 per cent, 1.41 per cent, 0.80 per cent, 4.37 per cent and 0.17 per cent respectively while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.

Trading in the top three equities during the week are Transnational Corporation Plc, Access Holdings Plc and Fidelity Bank Plc, measured by volume. They accounted for 3.302 billion shares worth N7.999 billion in 2,375 deals, contributing 84.23 per cent and 51.21 per cent to the total equity turnover volume and value respectively.

Activities at the bourse over the week was impressive as a total turnover of 3.920 billion shares worth N15.620 billion in 16,856 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.824 billion shares valued at N10.964 billion that exchanged hands last week in 15,686 deals.

The Conglomerates Industry, measured by volume, led the activity chart with 3.050 billion shares valued at N5.964 billion traded in 1,379 deals; thus contributing 77.81 per cent and 38.18 per cent to the total equity turnover volume and value respectively. The Financial Services Industry followed with 707.962 million shares worth N6.175 billion in 8,430 deals. The third place was the Consumer Goods Industry, with a turnover of 43.155 million shares worth N1.026 billion in 2,223 deals..

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