The bears returned to the Nigerian equities market on Thursday as profit-taking activities witnessed in MTNN (-0.5%), and STANBIC (-5.6%) caused a 0.1% decline in the All-Share Index.
Thus the NGX ASI settled at 50,014.60 points while the month-to-date loss increased to -0.7%, and the year-to-date return moderated to +17.1%. Due to selloffs, the equities market capitalisation declined N32.83 billion to close at N26.976 trillion against N27.009 trillion on Wednesday.
The negative performance of the market was driven by losses in large and medium capitalised stocks of MTN Nigeria and Tier-one banking such as Zenith Bank, Stanbic Bank, United Bank for Africa (UBA) and Guaranty Trust Holding Company (GTCO).
The market closed negative with 24 laggards relative to 14 gainers. NAHCO led the gainers’ chart in percentage terms by 10 per cent to close at N5.83 per share. First City Monument Bank (FCMB) followed with 9.84 per cent to close at N3.35, while Ikeja Hotel appreciated 9.43 per cent to close at N1.16 per share.
Multiverse Mining and Exploration rose by 9.22 per cent to close at N2.25, while Courtville Business Solutions went up by 8.51 per cent to close at 51k per share.
On the other hand, ABC transports drove the losers’ chart in percentage terms with 6.67 per cent to close at 28k per share. JaizBank followed with 5.56 per cent to close at 85k, while Stanbic went down by 3.28 per cent to close at N28.05 per share.
Caverton Offshore Support Group and UBA depreciated by 2.86 per cent and 2.78 per cent each to close at N1.02 and N7 per share, respectively.
The total volume traded increased by 8.49 per cent to 266.12 million units valued at N2.26 billion exchanged in 4,034 deals. This was against a total of 279.22 million shares worth N2.08 billion achieved in 3,576 deals on Wednesday.
Transactions in the shares of (UBA) topped the activity chart with 20.45 million shares valued at N143.65 million. Chams followed with 8.98 million shares worth N2.77 million, while Access Bank Holdings traded 8.17 million shares valued at N72.69 million.
Japaul Gold & Ventures traded 7.35 million shares worth N2.86 million, while Jaiz Bank transacted 7.01million shares valued at N6.24 million. #NGX Trades Negative, Equities Investors Lose N33bn
Nigerian banks’ market valuations have dropped significantly, and it appears few of the players have been spared in selloffs in the local bourse. Few gains were driven by small-cap banks in the tier-2 category.
Fidelity Bank Plc has seen buckets of buy ratings after its relatively healthy earnings performance in the first half of the financial year 2022. The bank is in the process of raising capital after management announced the acquisition of100% equity stake in Union Bank UK.
The Dangote Group has been described as a significant premium player as over 300 corporate exhibitors are participating in the 17th Abuja International Trade Fair (AITF) that is expected to be declared open by President Muhammadu Buhari on Friday.
Africa's largest business conglomerate, Dangote Industries Limited has been adjudged the Outstanding Indigenous Conglomerate of the Decade, carting home eight different Economic Community of West African States Manufacturing Excellence Awards (EMEA) in the process.
Shareholders of Nigerian Exchange Group Plc (NGX Group) on Friday approved resolutions by the company’s Board of Directors to re-elect Mr Apollos Ikpobe and Dr Okechukwu Itanyi as non-executive directors.
The Nigerian Exchange (NGX) Ltd. closed the week on a bullish note Friday, with market capitalisation gaining N32 billion or 0.12 per cent to close at N26. 451 trillion against N26.419 trillion on Thursday.