September 24, 2023

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MTN profit taking plugged the market into negative close


Nigeria’s stock market trading ended the week on a downward note, with the All-Share Index and market capitalization declining by 1.27% each, to 24,045.40 and N12.531 trillion respectively.

Investors exchanged 208.6 million units of shares worth over N2.19 billion in 4,320 deals in today’s trading on the floor of NSE. This is a decline by 52% and 58% respectively, compared to yesterday’s trading.

FBNH was the most active in today’s trading; it boosted market turnover by 63.05 million, while GUARANTY was the most traded stock by value at N608.77 million, thereby topping the value list.

Market sentiment, as measured by market breadth, was negative with 17 losers led by UACN PROP (-8.00%), as against 15 gainers topped by FIDSON (+783%).

Sector performances were negative today. The Industrial (-0.63%), Banking (-0.45%) and Oil & Gas (-0.41%) indices all closed in the red, while Consumer Goods (+1.28%) and Insurance (+0.49%) indices closed positively.

Top gainers include Custodian up by 7.69% to close at N6.3; NB up by 7.45% to close at N37.5; AFRIPRUD up by 5.12% to close at N3.9; GLAXOSMITH up by 3.70% to close at N5.6, and Zenith Bank up by 1.32% to close at N15.4.

MTN led top losers table which was down by 6.67% to close at N112. Others are CILEASING which was down by 4.26% to close at N4.5; GUARANTY, down by 2.44% to close at N21.95; BUA CEMENT down by 1.24% to close at N31.9, and GUINNESS down by 1.64% to close at N18.

For the week summary, A  total turnover of  1.662  billion shares worth N18.205  billion in 28,791  deals were traded this week by investors on the floor of the Exchange,  in contrast to a total of  1.012  billion  shares valued at N9.892 billion that exchanged hands last week in 17,023  deals.

The  Financial  Services  industry  (measured  by  volume)  led  the  activity  chart  with  1.385  billion shares valued at N11.813 billion traded in 17,117 deals; thus contributing 83.35% and 64.89% to the total equity turnover volume and value  respectively.

The Services industry followed with 53.551 million shares worth N128.065 million in 1,003 deals. The third place was the Consumer Goods industry, with a turnover of 53.444 million shares worth N2.780 billion in 3,607 deals.

Trading in the Top Three Equities namely, FBN Holdings Plc, Guaranty Trust Bank and Zenith Bank Plc.  (measured by volume) accounted for  774.294  million  shares worth N9.796  billion in 7,516  deals,  contributing  46.59%  and  53.81%  to  the  total  equity  turnover  volume  and  value respectively.

The NSE All-Share Index and Market Capitalization both appreciated by 4.45% to close the week at 24,045.40 and N12.531 trillion respectively.

All other indices finished  higher  with the exception of  NSE ASeM,  which  depreciated by 0.18%

Thirty-nine  (39)  equities  appreciated  in  price  during  the  week,  higher  than  twenty-eight  (28) equities  in  the previous week.  Twenty-two  (22) equities depreciated in price,  lower  than  twenty (20)  equities  in  the  previous  week,  while  One  hundred  and  two  (102)  equities  remained unchanged, lower than one hundred and fifteen (115) equities recorded in the preceding week.


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