Equities Market Stumbles, Loses N444 Billion as Major Stocks Retreat

The Nigerian equities market’s recent bullish streak hit a roadblock on Wednesday, as heavy selloffs erased N444 billion in market value, rattling investors and shaking confidence in key sectors Significant declines in Learn Africa, Cadbury, Meyer, UPDC, International Breweries, and 24 other laggards pushed the market into negative territory, pulling the market capitalisation down by 0.49 per cent to N90.996 trillion from Tuesday’s N91.440 trillion. The All-Share Index (ASI) also retreated, shedding 698.56 points, or 0.49 per cent, to close at 143,064.57 from 143,763.13 recorded the previous session. Consequently, the Year-To-Date (YTD) return dipped to 39.00 per cent following the session’s downturn. Despite the pullback, market breadth ended positive, with 29 gainers outpacing 27 decliners. AIICO Insurance led the gainers, surging 10 per cent to N3.52, followed closely by NCR Nigeria, which added 9.96 per cent to close at N49.70. Ikeja Hotel rose 9.41 per cent to N25, while Prestige Assurance and Sterling Nigeria gained 7.38 per cent and 6.85 per cent to N1.60 and N7.80, respectively. On the other hand, Learn Africa topped the losers, falling 10 per cent to N5.22, with Cadbury dropping 9.92 per cent to N53.10. Meyer slid 9.91 per cent to N14.55, extending the day’s decline in consumer stocks, while UPDC lost 8.83 per cent to close at N5.47, and International Breweries dropped 8.33 per cent to N11 per share. Market activity, however, improved across key metrics. Investors traded 738.35 million shares worth N35.5 billion across 19,919 deals, compared with 556.2 million shares valued at N18.7 billion executed in 19,500 deals on Tuesday. GTCO recorded the highest volume and value, with 134.12 million shares worth N11.57 billion exchanging hands during the session.

Nigeria’s Local Equities Gain N25bn

Trading activities on the floor of Nigerian Exchange (NGX) on Thursday appreciated by N25 billion. Market capitalisation of listed equities appreciated by 0.06 per cent to N38.910 trillion from N38.885 trillion it closed on Wednesday. The NGX All Share Index also increased by 46.18 basis points to 70819.49 points from 70773.31 points reported the previous day. An analysis of the investment showed that UPDC led gainers table in percentage terms, appreciating by 9.91 per cent to N1.22 per share, Mecure followed with a gain of 9.85 per cent to close at N3.57 per unit, SCOA Plc up by 9.73 per cent to close at N1.24 per unit. Japaul Gold gained 9.58 per cent to close at N1.83 per share while UACN went up by 8.47 per cent to close at N16.00 per unit. On the contrary, VFD group topped losers chart, dropping by 9.37 per cent to close at N2.90 per share, TIP down by 9.35 per cent to close at N0.97 per share. Regal insurance fell by 8.57 per cent to close at N0.32 per unit while Daar Communications dipped by 8.33 per cent to close at N0.22 per share. Investors traded 569.194 million shares valued at N16.790 billion in 6169 deals against 558.344 million shares worth N9.794 billion exchanged hands the previous day in 6401 deals. Transactions in the shares ofJapaul Gold led market activities with 113.964 million shares valued at N208.554 million, Stanbic IBTC followed with 96.917 million shares worth N6.777 billion, United Bank for Africa exchanged 75.218 million shares valued at N1.548 billion, FBNHoldings traded 42.644 million shares cost N849.768 million while Fidelity Bank traded 34.700 million shares cost N319.058 million.

Nigeria’s Equity Market Continues Upward Streak, Gains N739bn

Trading activities on the floor of Nigerian Exchange (NGX) started the month November on a bullish note, appreciating by N739 billion. The increase in the shares price of Airtel Africa, FBNHoldings, Cadbury Nigeria Plc, Zenith Bank, Flour Mills Nigeria Plc, Presco, AccessCorp, GTCO Plc, Flour Mills Nigeria Plc and other 28 company lifted market activities pushing NSE index  to cross 70 million mark. Specifically, market capitalisation of listed equities appreciated by 1.94 per cent to N38.777 trillion from N38.038 trillion reported the previous day. The NGX All Share Index also increased by 1345.57 basis points to 70581.76 points from 69236.16 points traded the previous day. An analysis of the investment showed that Airtel Africa led gainers table in percentage terms, gaining 10 per cent to close at N2694.10 per share, Chams Plc and UPL followed with a gain of 9.91 per cent each to close at N2.44 per share and N2.33 per share respectively. NEM Insurance gained 9.90 per cent to close at N5.55 per unit, FBNHoldings added 9.78 per cent to close at N19.65 per share. On the contrary, Caverton Business Solutions recorded the highest loss during the day, declining 7.74 per cent to close at N1.43 per share, Champion Breweries trialed with a loss of 6.85 per cent to close at N3.40 per share, C &I Leasing down by 6.41 per cent to N3.36 per unit. UPDC REIT fell by 2.70 per cent to close at 3.60 per share. Unilever Nigeria Plc declined by 2.44 per cent to close at N14.00. Volume of trades increased by 118.463 million, representing 24.51 per cent growth as investors traded 601.732 million shares valued at N11.016 billion in 7444 deals against 483.269 million shares worth N6.044 billion exchanged hands the previous day in 8027 deals. Transactions in the shares of  United Bank for Africa led market activities with 163.561 million shares valued at N3.472 billion, FBNHoldings followed with 94.654 million shares valued at N1.841 billion, AccessCorp traded 36.693 million shares worth N641.992 million, Universal insurance exchanged 34.716 million shares cost N8.938 million while Japaul Gold exchanged 25.717 million shares valued at N33.114 million.

Nigeria’s Equity Market Declines By N6bn

Transactions on the floor of Nigerian Exchange on Wednesday closed on negative note, shedding N6 billion. Market capitalisation of listed equities declined by 0.02 per cent to N36.923 trillion from N36.929 trillion reported on Tuesday. The NGX All Share Index also depreciated by 11.61 basis points to 67206.16 points from 67217.77 points reported the previous day. A review of the investment showed that Multiverse led gainers table, growing by 9.74 per cent to close at N2.93 per share, Chams Plc followed with a gain of 9.71 per cent to close at N1.92 per unit, Caverton Business Solutions added 9.35 per cent to close at N1.52 per unit, FTNCocoa Plc up by 8.97 per cent to close at N1.70 per unit while Geregu powers increased by 7.71 per cent to close at N370.00. On the contrary, ETranzact and SUNU Assurance recorded the highest loss, shedding 10 per cent each to close at N7.56 and N0.99 per share. Deep Capital trailed at 7.41 per cent to close at N0.25 per share, Eterna Plc dropped by 7.41 per cent to close at N13.75 per unit, United Bank for Africa down by 5.79 per cent to close at N18.75 per share. Volume of trades increased by 9.756 million, representing 3.05 per cent as investors traded 329.660 million shares valued at N4.410 billion in 5998 deals against 319.904 million shares costing N6.330 billion in 6272 deals. Transactions in the shares of Fidelity Bank led market activities with 50.319 million shares valued at N411.728 million, AccesCorp plc followed with 43.186 million shares worth N30.101 million, Chams Plc traded 26.650 million shares cost N50.127 million, United Bank for Africa exchanged 25.848 million shares cost N502.077 million while GTCO Plc exchanged 20.630 million shares cost N733.793 million.

Nigerian Stock Market Records N43bn Decline In Market Capitalization

Trading activities on the Nigerian Exchange took a negative turn on Thursday, resulting in a loss of N43 billion in market capitalization. This decline was attributed to price depreciation in the shares of Nestle Nigeria Plc, Zenith Bank, GTCO Plc, Transcorp, RTBriscoe, and 20 other listed companies. Market capitalization of listed equities declined by 0.12 percent, falling from N36.896 trillion to N36.853 trillion compared to the previous day. The NGX All Share Index also depreciated, dropping by 79.10 basis points to reach 67,335.30 points, down from the 67,414.40 points traded on Wednesday. In the daily trading results, Chellaram Plc led the gainers’ table with a 10 percent increase in share price, closing at N3.85 per share. Learn Africa followed with a gain of 9.97 percent, closing at N3.31 per share. Academy Press gained 9.94 percent, closing at N1.88 per share, while Chi Plc added 9.52 percent to close at N0.92 per share. Courtvellle Business Solutions also added 9.26 percent, closing at N0.59 per unit. On the contrary, ETranzact topped the losers’ chart with a 10 percent drop, closing at N7.20 per share. Ikeja Hotel trailed with a loss of 9.84 percent, closing at N2.75 per share. ABC Transport fell by 9.78 percent, closing at N0.83 per unit. Guinea Insurance dipped by 9.38 percent, closing at N0.29 per share, and RTBriscoe declined by 9.09 percent, closing at N0.40 per unit. The volume of trades increased significantly by 218.91 million shares, representing a 38.43 percent rise. Investors traded 788.536 million shares valued at N14.169 billion in 8,810 deals, compared to 569.626 million shares worth N8.697 billion exchanged the previous day in 8,404 deals. Transactions in the shares of United Bank for Africa led market activity, with 304.025 million shares valued at N4.892 billion. Sterling Bank followed with an account of 82.476 million shares worth N313.285 million. Chi Plc traded 46.031 million shares, costing N37.801 million, while Oando Plc traded 36.690 million shares, costing N383.746 million. Fidelity Bank exchanged 31.399 million shares, costing N261.255 million.

Nigerian stock market hits 15-year high amid FX imbalance

In the previous month, the Nigerian domestic equities market reached a remarkable 15-year high, witnessing the All-Share Index (ASI) rising by 3.4 per cent on a month-on-month (m/m) basis. This surge occurred while grappling with foreign exchange (forex) imbalances. August saw the Nigerian equities market continue its upward trajectory, driven by a renewed sense of enthusiasm among investors. This optimism was fueled by the pursuit of gains, spurred on by market-stimulating corporate actions and interim dividend payments. As a result, the NGX-ASI surged by 3.4 per cent m/m to reach 66,548.99 points, marking its highest level since March 5, 2008. The market capitalization also increased by N1.4 billion, reaching a total of N36.4 trillion. Despite this impressive performance in the equities market, the Central Bank of Nigeria’s foreign exchange reserves remained steady at $33.2 billion, as month-to-month outflows were balanced by an accretion of $333 million. Interestingly, the official and parallel market exchange rates showed disparities, even in light of the $3 billion NNPCL loan deal. In August, crude oil prices recorded a monthly gain due to a drawdown in US crude inventories (which declined by 10.6 million barrels) and production cuts by the Organization of Petroleum Exporting Countries and its allies (OPEC+). These factors overshadowed concerns about weaker demand, particularly in China. Consequently, the average Brent crude oil price rose by 6.9 per cent m/m to $84.64 per barrel. System liquidity experienced a contraction of N49.6 million on a month-on-month basis, settling at N360.9 billion. This was a result of several Primary Market Auctions (PMA) totaling N437.0 billion and the resumption of Open Market Operation (OMO) issuance, with N150.0 billion worth of papers issued. In the same period, the OPR and OVN rates increased by 0.9 percentage points and 1.2 percentage points, respectively, reaching 1.9 per cent and 2.6 per cent. During August, the Debt Management Office (DMO) conducted a bond auction, reopening the 5-year, 9-year, 14-year, and 29-year instruments. A total of N360.0 billion was offered for APR 2029 (₦90.0 billion), JUN 2033 (₦90.0 billion), JUN 2038 (₦90.0 billion), and JUN 2053 (₦90.0 billion) at stop rates of 13.9 per cent, 15.0 per cent, 15.2 per cent, and 15.9 per cent, respectively. These rates were higher than the previous auction rates of 12.5 per cent, 13.6 per cent, 14.1 per cent, and 14.3 per cent. This report highlights the impressive performance of the Nigerian equities market in the face of forex imbalances, providing insights into various economic factors influencing the financial landscape.

Equity market sustains bullish run, gains N158bn

Trading activities on the floor of Nigerian Exchange (NGX) Tuesday sustained an upward trajectory as the market appreciated by N158 billion. The market capitalisation of listed equities increased by 0.44 per cent to N35.842 trillion from N35.684 trillion reported the previous day. The NGX All Share Index also appreciated 286.26 basis points to 65488.67 points from 65202.41 points traded on Monday. Investors’ attention during the day were directed towards shares of Transnational Corporation of Nigeria (Transcorp), AccessCorp, and Fidelity Bank, ETI and others. An analysis of the investment showed that Cornerstones Insurance led gainers table with 9.84 per cent to N1.34 per unit, CWG followed with a gain of 9.74 per cent to close at N4.28 per unit, SCOA added 9.38 per cent to close at N1.40 per unit, ABC Transport increased by 8.33 per cent to close at N0.52 per unit. BUAFoods added 7.91 per cent to close at N165 per share. On the contrary, Nigerian Breweries, SUNU Assurance and Chellaram Plc recorded the highest loss during the day in percentage terms, declining by 10 per cent to close at N38.25, N0.72 and N3.96 per share respectively. John Holt trailed with a drop of 8.81 per cent to close at N1.45 per unit while Mutual Benefits dipped 6.82 per cent to close at N0.41 per share. The volume of trades increased by 61.864 million representing  26.71 per cent as investors traded 293.463 million shares valued at N4.122 billion in 5895 deals against 231.599 million shares worth N3.992 billion exchanged hands the previous day in 5494 deals. Transactions on the shares of Transnational Corporation of Nigeria (Transcorp) led market activities during the day with 41.441 million shares valued at N185.042 million, AccessCorp followed with account of 36.158 million shares worth N616.420 million, Fidelity Bank traded 32.105 million shares valued at N229.733 million, Omatek exchanged 15.006 million shares cost N4.293 million while Ecobank Transnational Corporate sold a total of 13.200 million shares valued at N208.479 million.

Profit-taking leaves equity market with N622bn loss

The nation’s equity market on Wednesday continued on a negative trend, declining by N622 billion on renewed profit-taking activities embarked on by investors.The market capitalisation of listed equities declined by 1.75 percent to N34.918 trillion from N35.540 trillion reported the previous day.Similarly, the NGX All Share Index also depreciated by 1142.26 basis points to 64167.39 points from 65309.65 points it closed on Tuesday, with the market recording a year-to-date gain of 26.20 percent at the close of trading yesterday. An analysis of the investment showed that Omatek and Guinea Insurance led the gainers table during the day in percentage terms, gaining 10 percent each to close at N3.15 and N36.90 per share respectively. Tantalizer followed with a gain of 9.09 percent to close at N0.36 per unit, Abbey Building Society added 8.90 percent to close at N1.59 per unit, TIP also appreciated by 8.86 percent to close at N0.86 per share. On the contrary, Multiverse and Nascon recorded the highest loss, declining by 10 percent to close at N3.15 and N36.90 per share respectively. JohnHolt trailed with a drop of 9.77 percent to close at N1.20 per share, Dangote Cement declined 9.09 percent to close at N320.00 while Universal Insurance was down by 8.33 percent to close at N0.22 per share. The volume of transactions during the day went down by 79.78 million, representing 25.09 percent as Investors traded 238.039 million shares valued at N2.616 billion in 6001 deals against 317.808 million shares valued at N4.471 billion exchanged hands the previous day in 6376 deals. The trading result showed that Sterling Bank led market activities with 32.673 million shares valued at N113.802 million in 91 deals, Fidelity Bank followed with account of 21.124 million shares valued at N161.326 million in 168 deals, Universal Insurance traded 159.151 million shares cost N3.763 million in 31 deals, United Bank for Africa traded 12.278 million shares worth N176.557 million in 251 deals while Transnational Corporation of Nigeria exchanged 9.773 million shares cost N35.931 million in 194 deals.