Friday, September 24, 2021

    Nigeria Equities Investors Lost ₦177 Billion in Bearish Last Week

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    The Nigeria equity market traded negatively as sell-off sentiment dominated the five trading sessions of the week. The market declined 0.86% following price depreciation Financial and Oil& Gas sectors.
    Consequently, the All-Share Index shed 338.23 basis points, representing a decrease of 0.86% to close at 38,921.78, while the Market Capitalization lost ₦176.74 billion, representing a decline of 0.86%, to close at ₦20.28 trillion.

    Despite the negative sentiment, investors witnessed capital gain in 26 listed stocks, among which are; OANDO, which emerged as the best performing stock of the week with 14.00% growth, followed by CHAMS with 4.76% growth, while JBERGER, VITAFOAM, AFRIPRUD, CUSTODIAN, NB, FBNH and CAP grew by 3.85%w/w, 2.76%w/w, 2.40%w/w, 2.29%w/w, 1.35%w/w, 0.67%w/w and 0.51%w/w respectively.
    While, CORNERST shed 15.79%w/w to top the decliners’ table, trailed by WEMABANK (-9.41%w/w), AIRTELAFRI (- 4.67%w/w), NEIMETH (-4.52%w/w), FLOURMILL (-3.50%w/w), GTCO (-2.87%w/w), STANBIC (-2.39%w/w), UBA (- 1.94%w/w), UACN (-1.43%w/w) and ZENITHBANK (- 0.41%w/w), as 34 stocks depreciated during the week.
    Out of the five major market indices, only the Consumer Goods and Industrial Goods sectors grew, by 0.18%w/w and 0.004%w/w, respectively. While the Insurance, Oil & Gas and Banking sector downed by 3.39%w/w, 2.28%w/w and 0.96%w/w, accordingly.

    Meanwhile, a total of 1.43 billion shares valued at ₦13.07 billion in 19,315 deals were traded in the week, compared to 1.34 billion shares worth ₦8.65 billion in 19,830 deals traded in the prior week.
    We expect the bargain hunting to dominate the equity market next week amid the decline of price in the recent weeks. However, the depreciation of Naira in the FX market may continue to weigh on investors’ confidence.

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