NGX Ends the Week in Red, Market Cap Falls to N55.13Trn
Despite about N147 billion gain on Friday, the equities market ended the week in red due to bearish or strong sell side activities in the local bourse. The week belongs to sell side traders seeking early profit as big banks extend the date for their first half earnings results.
The Nigerian Exchange (NGX) All-Share Index dropped by 1.16% week-on-week, settling at 95,973.45 points from 97,100.31 points the previous week. Also, the year-to-date return was 28.35%, and the market capitalization ended the week at ₦55.13 trillion.
The local bourse was predominantly bearish, with three of the five trading days closing in negative territory, stockbrokers said. The impressive first half earnings release triggered negative energy in the local bourse.
Banks, oil, and cement stocks have seen significant losses amidst economic uncertainty, inflation, and high interest rates, apart from naira fluctuations. Huge weekly losses were recorded by DANGCEM (-10.00%), TRANSCOHOT (-6.25%), DANSUGAR (-5.29%), and FBNH (-2.86%). Conversely, in today’s session, the domestic bourse rebounded from the previous day’s loss as the benchmark index returned 0.27%.
The market’s positive performance was largely driven by sustained demand in OANDO (+10%) and supported by renewed interest in TOTAL (+9.98%), ACCESSCORP (+5.00%), and TRANSCORP (+4.35%)
Data from the Nigerian Exchange revealed that equities market breadth printed at 2.90x as 32 gainers outpaced 11 losers, led by OANDO (+10.00%) and TIP (-9.78%), respectively
In terms of trade metrics, the total volume and value traded declined by 16.02% and 21.26% to 327.28 million units and N4.61 billion, respectively. ACCESSCORP topped the volume and value charts with 36.85 million units valued at N716.32 million.
Weekly Result
Stockbrokers said they observed mixed sentiments across sector coverage during the week. The Oil & Gas (+3.54%), Insurance (+1.90%), and the Banking (+0.37%) indices advanced following buying interest in OANDO (+33.47%), CORNEST (+10.48%) and ACCESSCORP (+4.18%), respectively.
On the flip side, the industrial (-4.94%) and consumer goods (-1.42%) indices shed some value on the back of selloffs in DANGCEM (-10.00%) and DANSUGAR (-5.29%), respectively. The record from the last trading session this week showed that oil and gas gained +3.55%. Other gainers include the insurance (+2.05%), and banking (+0.88%) indices.
On Friday
Key performance indicators were spurred by gains in OANDO (+10.00%), CORNEST (+9.95%), and ACCESSCORP (+5.00%). However, the consumer goods (-0.54%) and industrial (-0.07) indices declined as investors sold INTBREW (-4.44%) and WAPCO (-1.07%), respectively. #Nigerian Exchange Ends the Week in Red, Market Cap Falls to N55.13Trn Stanbic IBTC Adds Fixed Income Asset into Securities Lending Services
