NGX sustains weekly losses, down N304.49bn in one week
By Tenitope Adebayo
The equities market of the Nigerian Exchange Limited (NGX) at the close of the four days trading session this week, declined by a whopping N304.49 billion Week on Week ( w/w) to close at N27.96trillion.
Ending the Eid Fitr shortened week, the NGX All-Share Index, settled 0.35 per cent higher at 51,355.74 points.
Extended gains in Tier-1 banking names, ZENITHBANK (+0.46%), FBNH (+7.18%) and ACCESSCORP (+10.00%) outweighed losses in GTCO (-0.60%), WAPCO (-1.71%) and NB (-0.14%).
Nonetheless, having gained in three (3) of four (4) trading sessions this week, the ASI closed 1.04% lower w/w.
Over the week, losses in, MTNN (-6.67% w/w), SEPLAT (-3.02% w/w) and ZENITH BANK (-12.20% w/w) were the primary drivers of the broader index’s weak performance offsetting gains in GTCO (+2.46% w/w), FBNH (+7.18% w/w) and STANBIC (+3.19% w/w).
Consequently, the ASI year-to-date (YTD) rose to 0.20%, while the market capitalization lost N304.49 billion w/w to close at N27.96 trillion.
Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 27.06 per cent%.
A total of 600.78m shares valued at N5.05 billion were exchanged in 4,309 deals.
For the fourth consecutive session, TRANSCORP (+9.87%) led the volume chart with 240.55m units traded.
The stock received positive sentiment following the recent acquisition of a 5.52% stake in the company by Femi Otedola. Hence, the stock maintained the position of the most sought-after stock throughout the week.
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In addition, the release of FY 2022 audited results and dividend declaration of ACCESSCORP (+10.00%) led to it leading the value chart in deals worth ₦1.49bn.
Market breadth closed positive at a 1.40-to-1 ratio with advancing issues outnumbering declining ones.
ACCESSCORP (+10.00%) topped twenty (20) others on the leader’s log while CHAMPION (-9.96%) topped fourteen (14) others on the laggard’s table.
