Nigerian equities closed lower for a fourth straight week, with the benchmark NGX All-Share Index (ASI) declining 317.46 points, or 0.13%, to 247,222.27 from 247,539.73 points, as losses in insurance, oil and gas and banking stocks outweighed industrial goods.
Market capitalisation fell by about N210.89 billion to N160.519 trillion, leaving the year-to-date return at 58.87%.
However, the NGX recorded a significant rebound on Friday with the market capitalisation rising by about N1.47 trillion on Friday from N159.048 trillion.
Over the five trading days, ABC Transport led the gainers with a 20.66% rise to N7.30.
Conversely, Aradel Holdings, Vitafoam Nigeria and NGX Group recorded the largest per-share price declines while UPDC Real Estate Investment Trust fell 17.26%, the steepest percentage drop.
What the data is saying:
Market breadth turned negative, with 55 equities depreciating, up from 30 the week before, against 20 appreciating, down from 50. Seventy-one equities were unchanged.
- Turnover rose to 2.024 billion shares worth N110.773 billion in 173,113 deals, from 1.659 billion shares worth N98.088 billion in 184,632 deals, up 22% in volume and about 13% in value.
- The Financial Services Industry led by volume with 1.111 billion shares worth N53.908 billion in 81,787 deals, or 54.89% of volume and 48.66% of value.
- The Consumer Goods Industry followed with 394.039 million shares worth N9.811 billion, and the Agriculture Industry with 147.170 million shares worth N2.821 billion.
- The top three stocks by volume, Multi-Trex Integrated Foods, Zenith Bank and Livestock Feeds, accounted for 521.565 million shares worth N19.093 billion in 16,487 deals, or 25.76% of volume and 17.24% of value.
The week was lopsided. After Monday’s close of 245,278.34 points, about 0.91% below the previous Friday, the index gained 0.26% on Tuesday, lost 0.32% on Wednesday and 0.07% on Thursday to reach a weekly low of 244,956.94 points, then rebounded 0.92% on Friday, adding 2,265.33 points.
Sectoral performance:
- The NGX Industrial Goods Index gained 1.95% to 10,646.68 points, taking its year-to-date return to 87.56%.
- The NGX Insurance Index fell 2.79% to 1,049.43 points, extending its year-to-date loss to 11.76%.
- The NGX Oil/Gas Index fell 2.55% to 6,035.77 points, reversing the previous week’s 3.13% gain, though it still leads year to date at 126.04%.
- The NGX Commodity Index fell 1.78% to 1,902.87 points.
- The NGX Banking Index fell 0.67% to 2,515.47 points, while the NGX Banking Index went down 7.25% for the month.
- The NGX Consumer Goods Index fell 0.55% to 4,014.81 points.
Top 10 Weekly Gainers:
- ABC Transport — N7.30: up 20.66% from N6.05
- AVA Capital — N7.30: up 17.74% from N6.20
- Caverton Offshore Support Group — N4.80: up 17.07% from N4.10
- Fidelity Bank — N24.00: up 14.01% from N21.05
- Multi-Trex Integrated Foods — N0.66: up 10.00% from N0.60
- LivingTrust Mortgage Bank — N3.22: up 9.90% from N2.93
- Meyer — N17.50: up 9.72% from N15.95
- Critical Minerals Financing Corp — N3.57: up 7.85% from N3.31
- Thomas Wyatt Nigeria — N2.60: up 7.44% from N2.42
- NASCON Allied Industries — N183.50: up 7.31% from N171.00
Top 10 Weekly Losers:
- UPDC Real Estate Investment Trust — N17.50: down 17.26% from N21.15
- Omatek Ventures — N1.40: down 12.50% from N1.60
- University Press — N4.35: down 12.12% from N4.95
- Regency Alliance Insurance — N0.71: down 11.25% from N0.80
- Nigerian Exchange Group — N152.50: down 10.29% from N170.00
- Livestock Feeds — N17.05: down 10.26% from N19.00
- Vitafoam Nigeria — N174.60: down 10.00% from N194.00
- CWG — N18.05: down 9.98% from N20.05
- International Breweries — N9.05: down 9.50% from N10.00
- Tripple Gee and Company — N2.82: down 8.74% from N3.09
- Largest per-share declines:
- In terms of absolute price declines, Aradel Holdings lost N94.90 per share, or 6.33%, to N1,405.00 from N1,499.90, the largest drop in Naira fall.
- Vitafoam Nigeria lost N19.40 and NGX Group lost N17.50.
- Custodian Investment (N5.30),
- Ecobank Transnational (N4.40),
- UAC of Nigeria (N3.00) and
- GTCO (N2.80) also fell.
The price declines in these stocks contributed to the drag in market performance.
What stands out:
Several stocks reversed the previous week’s moves. UPDC REIT, which fell 11.88% last week, fell again. Livestock Feeds gave back 10.26% after a 44.49% jump, and Omatek Ventures fell 12.50% after a 19.40% gain. Aradel dropped after last week’s 8.93% rise.
In banking, Fidelity Bank gained 14.01% while the sector index fell, and Nairametrics reported that First HoldCo shares rose 10% on October 23 after a nine-month profit surge.
What you should know:
Nairametrics reported that the market had shed N103.6 billion on October 22, taking the index to its weekly low, before Friday’s recovery lifted market capitalisation back above N160 trillion.
The ASI has fallen 0.52%, 0.97%, 0.33% and 0.13% in the last four weeks, but weekly losses have narrowed.
Friday’s 0.92% rebound shows buyers returned late in the week, though the week’s breadth of 55 decliners against 20 gainers remains weak.