Stock Market Depreciates by N633bn WoW Amid Profit-taking

The stock market wrapped up last week on investors’ profit-taking note, as the market opened for two trading days amid the federal government declaration of April 9 to 11, 2024 as public holidays to commemorate the Eid al-Fitr celebration.

Investors profit-taking to celebrate Eid al-Fitr down the market capitalisation by N633 billion Week-on-Week (WoW), while the benchmark index posted a decline of 1.09 per cent W-o-W to close at 102,314.56 points.

On the sectoral performance, it was a market-wide bearish performance as the NGXBanking index led the laggards by 7.22 per cent week on week. NGX Insurance index recorded a weekly decline of 2.45 per cent, while NGX Consumer Goods index shed 1.33 per cent W-o-W.

NGX Oil & Gas index down by 0.28 per cent and NGX Industrial Goods index fell by 0.23 per cent for the week.

Market breadth for the week was negative as 19 stocks appreciated in price, 40 stocks depreciated in price, while 95 equities remained unchanged. Morison Industries led the gainers table by 20.75 per cent to close at N2.56, per share.

Oando followed with a gain of 10.57 per cent to close at N12.55, while Transnational Corporation (Transcorp) went up by 10.33 per cent to close to N14.95, per share.

On the other side, Access Holdings led the decliners table by 14.60 per cent to close at N19.30, per share. United Capital followed with a loss of 13.92 per cent to close at N20.10, while Guaranty Trust Holding Company (GTCO) declined by 13.75 per cent to close at N41.40, per share. Overall, a total turnover of 1.132 billion shares worth N28.650 billion in 21,921 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.680 billion shares valued at N57.892 that exchanged hands prior week in 40,726 deals.

The Financial Services Industry (measured by volume) led the activity chart with 859.646 million shares valued at N20.624 billion traded in 12,297 deals; contributing 75.94 per cent and 71.99 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 107.940 million shares worth N1.461 billion in 1,346 deals, while the Consumer Goods Industry traded a turnover of 51.443 million shares worth N1.921 billion in 2,658 deals.