As Banking Index decreases by 14.32% to top losers of the week
The Nigerian Equities Market closed negatively as the key market indicator declined by 179.21 bps amid negative market breadth..The NGX All-Share Index declined by 0.29% to close at 62,569.73 basis points against the 2.03% loss recorded previously to close at 62,748.94 basis points at the end of the last trading session. In Naira terms, the NGX Market CAP records a N97.58bn loss.
YTD, the NGXASI Stands at 22.08%
The total volume traded declined by 24.80% to close at N600.49m, valued at N8.83bn and traded in 9,554 deals. ACCESSCORP was the most traded stock by volume and value, with N94.16m and N1.43bn units traded.
Sectoral performance was broadly negative as fourteen (14) sector indexes closed southward, four (4) sector indexes closed northward, and two (2) closed flat. NGX-INDUSTRIAL Index advanced by 1.28%, NGX-BANKING Index declined by 4.42% to top the loser’s chart, while NGX-ASEM Index and NGX-SOVBND closed flat.
The Gote index advanced by 2.51% to close at 178.86 basis points, while the Toni index declined by 2.31% to close at 241.95 basis points.
At the close of trading, the market recorded 12 gainers, 57 losers and 48 unchanged. NASCON topped the list of gainers, while CHAMPION topped the list of losers.
Thus, market breadth closed negatively as the Market Breadth Index (MBI) is 0.94x.
Volume and Value Contribution
ACCESSCORP led the volume chart with a 15.68% contribution and was closely followed by UBA and FIDELITYBK
ACCESSCORP tops the value chart with 16.20% contribution and followed by ZENITHBANK and GTCO
Meanwhile ,the banking index closed the week on a negative note to emerge as the worst-performing sectorial index with a loss of 14.32%.
On a general note, the NGX All-Share Index and Market Capitalization depreciated by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively.
Similarly, all other indices finished lower except NGX Oil and Gas, NGX Lotus ll, and NGX Industrial Goods Indices which appreciated by 1.43%, 0.72%, and 9.01% respectively while the NGX ASeM and NGX Sovereign Bond Indices closed flat
In terms of market value, the market recorded a gain of N257 billion in market capitalisation during the week, as investors increased their sale pressure, especially on blue-chip stocks, to make profits.
The banking index performance: According to data from the Nigerian Exchange Limited, the banking index dropped by 14.32% or 101.48 basis points to close the week at 607.29 index points, as against the opening index of 708.77 index points at the beginning of the week.
The banking sector recorded a positive year-to-date performance of 45.46% according to data obtained from the NGX.
The NGX Banking Index had increased to 721 index points as of Monday 10th July 2023, as against what it closed on Dec 30, 2022, which was 417.5 index points.
What a market analyst said: The Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe,reacting to the development in a chat with Nairametrics attributed the development to profit-taking after a relatively long bullish trend.
A total turnover of 5.246 billion shares worth N63.417 billion in 57,234 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 9.831 billion shares valued at N145.408 billion that exchanged hands last week in 54,478 deals.
The Financial Services Industry (measured by volume) led the activity chart with 3.494 billion shares valued at N38.032 billion traded in 28,633 deals; thus contributing 66.60% and 59.97% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 451.410 million shares worth N2.186 billion in 3,147 deals.
The third place was the ICT Industry, with a turnover of 332.705 million shares worth N5.638 billion in 4,207 deals.
Trading in the top three equities namely United Bank for Africa, Transnational Corporation Plc, and FBN Holding Plc (measured by volume) accounted for 1.222 billion shares worth N15.523 billion in 8,260 deals, contributing 23.28% and 24.48% to the total equity turnover volume and value respectively.
NGX Earnings Summary
No Financial statement was released on the NGX Exchange today.
NGX Corporate News
No Corporate News was released on the NGX Exchange today.
1.2 NASD OTC Exchange – Unlisted Equities
The NASD market index declined by 0.63% to close at 770.89 basis points as against the 0.19% loss recorded previously to close at 775.77 basis points.
The total volume traded declined by 94.35% to close at N23,000 units valued at N1.80m and traded in 4 deal(s).
At the close of trading, the NASD OTC market recorded zero (0) gainer(s) and one (1) loser(s)
NASD Earnings Summary
No Financial statement was released on the NASD OTC Exchange today.
NASD Corporate News
No Corporate News was released on the NASD OTC Exchange today.
1.3 Global Indices
On the Global scene, the Argentina Merval top the gainer’s chart with a 1.54% gain, while the Brazil Bovespa tops the loser’s chart with a 0.92% loss as of 4 pm Nigerian Time.
1.4 African Indices
Similarly, on the African scene, the Namibia NSX Namibia leads the top five gainers with a 1.53% gain, while Zimbabwe All Share Index tops the top five losers with a 0.42% loss as of 4pm Nigerian Time.
2. BONDS AND FIXED INCOME MARKETS
2.1 Debt Market Size
The Debt Market Size was not available at the time of reporting.
2.2 Overnight and Open Repo (OPR)
The Overnight and Open Repo advanced by 0.16 and 0.11 to close at 1.58 and 1.11.
3.1 AFEX Indices
The AFEX ACI advanced and AEI was not available at the time of reporting.
3.2 AFEX Commodity Prices
Sorghum advanced by 9.21% to close at 275.21 while Cashew declined by 3.17% to close at 595.48.
3.3 Global Commodity Prices
Gold declined by 0.35% and Silver advanced by 0.32% as at 13: 12 NY time.
In the energy market, Brent declined by 0.73% and WTI also declined by 0.61% as of 12:13 PM Central Daylight Time (CDT)
The naira at the I&E FX Window advanced by 7.72% to close at N803.90/USD, while the NAFEX declined by 0.47% to close at N779.4/USD.
