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Equities market halts bullish trend as investors lose N1.5trn in a week
THE Nigerian stock market, tracked by the All-Share Index (ASI), concluded last week’s trading with a notable downturn, amid losses in the industrial goods and insurance sectors.
The Nigerian Exchange (NGX) ASI shed 3,097.38 basis points, closing at 102,353.68, marking a 2.94 percent decline from the previous week’s close of 105,451.06, thereby interrupting a six-week streak of gains.
Furthermore, market capitalization retreated to N62.8 trillion, down from N64.3 trillion the previous week. This, equities investors cumulatively lost N1.45 trillion over the 5-day trading sessions
Market activity also showed a significant decline, as weekly trading volume fell by 38 percent to 2.2 billion shares, compared to 3.6 billion shares in the prior week.
In terms of market breadth, 3 l3 equities recorded price increases, a decrease from 51 equities the prior week.
Conversely, 57 equities saw price declines, which is an increase from 39 in the previous week.
The NGX Premium Index plunged by 7.05 percent, primarily driven down by a 16 percent drop in Dangote Cement.
The NGX 30 Index fell by 3.11 percent, reflecting widespread negative sentiment, while the NGX Main Board Index decreased by 0.75 percent.
Sectoral analyses indicate that the NGX Industrial Goods Index took a hit, crashing by 8.20 percent, with Dangote Cement, followed by Beta Glass and Cutix.
The NGX Insurance Index fell by 6.23 percent, impacted by significant drops of over 15% in four insurance stocks.
NGX Oil and Gas Index and NGX Banking Index experienced declines of 0.75 percent and 0.46 percent, respectively.
On a positive note, the NGX Consumer Goods Index rose by 1.33 percent, supported by a 16.7 percent increase in Dangote Sugar and a 7.6 percent gain in Guinness Breweries.
Leading the pack of gainers, Neimeth International Pharmaceuticals surged by 31.42 percent, followed by SCOA, which rose by 20.39 percent.
On the losing side, Universal Insurance led the decline, falling by 19.23 percent, followed by Royal Exchange and Regency Assurance, which fell by 18.35 percent and 17.78 percent, respectively.
