The stock market of the Nigerian Exchange Limited (NGX) did not perform so well last week, as investors lost ₦2 trillion.
A few stocks here and there tried to pull their weight, but it was not sufficient for the needed turn around.
The stock market’s major benchmark declined by 3.4% in comparison to the previous week report.
It was a mixed market at the Nigerian exchange as the week ended with investors losing ₦1.99 trillion.
The All-Share Index and market capitalisation shed 3.44% week-on-week to 102,088.30 points and ₦55.86 trillion, respectively.
Ahead of the Monetary Policy Committee meeting held on Monday and Tuesday, the market witnessed portfolio rebalancing.
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Performance reports across major sectors in the market for the previous week were not so encouraging.
The insurance and industrial goods sectors were the least performing indexes as they pared the previous week’s gains by 8.91% and 7.94%.
Banking index closed the week in a weak region of 2.10% due to a sell-off in some bellwether banking stocks.
However, the Consumer goods (2.01%) and the Oil & Gas sectors (0.01%) experienced an upswing, as investors showed more interest.
Trading activities recorded a total turnover of ₦31.58 billion of 1.377 billion shares traded in 42,040 deals.
This was lower than 1.559 billion shares valued at ₦36.50 billion that exchanged hands in 42,546 deals in the previous week.
The financial services industry led the activity chart with 960.519 million shares valued at ₦16.84bn traded in 19,669 deals when measured in volume.
This contributed 69.77% and 53.33% to the total stock turnover volume and value, respectively.
Losers And Gainers
The conglomerate industry followed with 115.241 million shares worth ₦1.51bn in 2,859 deals.
The third place was the oil and gas industry, with a turnover of 80.866 million shares worth ₦1.72bn in 2,726 deals.
Guaranty Trust Holding Company Plc, FBN Holdings Plc, and Transnational Corporation Plc were the top three traded stocks by volume.
They accounted for 343.584 million shares worth ₦9.43bn in 5,659 deals in the previous week.
The share price of Juli Plc, FBN Holdings, Geregu Power, and BUA Foods rose significantly by 59.18%, 10.71%, 9.32%, and 6.27% respectively.
Last week’s losers were led by Morison Industries Plc, which lost 32.66% to close at ₦1.67.
Followed by Consolidated Hallmark Holdings Plc with a 19.35% loss to close at ₦1.25.
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Sterling Financial Holdings Company Plc lost 18.69%t to close at ₦4.35.
This week, players in the market are expecting more corporate releases, which will likely lead to more portfolio rebalancing.
