After experiencing a bullish start to the week, the Nigerian equity market concluded the week in the north zone as of Friday, June 16.
However, profit-taking activities observed in prominent stocks led to a decline in the market. The benchmark index closed at 59,000.96 points, representing a decrease of 33 basis points compared to Thursday’s closing of 59,195.21 points.
The decline witnessed in Friday’s market was attributed to profit-taking activities in several leading stocks. Notably, DANGSUGAR declined by 4.17%, GTCO by 3.92%, STANBIC by 3.70%, ZENITHBANK by 3.28%, and WAPCO by 1.91%. These bellwether stocks contributed to the negative performance of the day.
As a result, the Year to Date (YTD) return experienced a decrease, falling to 15.12%. Additionally, the market capitalization saw a decline of 0.33%, settling at N32.13 trillion. This decrease in market capitalization led to a drop in investor fortune by N105.77 billion.
Market activity decreased as volume and value traded declined by 46.81% and 57.61% to 622.42 million units and N6.51 billion respectively.
Market breadth; investor sentiment decreased to 0.85x from 0.90x in the prior session as 28 stocks appreciated, 33 stocks depreciated while 60 stocks closed flat.
On weekly basis, the market opened for four trading days this week as the Federal Government of Nigeria declared Monday 12th June 2023 as Public Holiday to commemorate the Democracy Day.
A total turnover of 4.276 billion shares worth N62.176 billion in 44,344 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.196 billion sharesvalued at N45.971 billion that exchanged hands last week in 31,655 deals.
The Financial Services Industry (measured by volume) led the activity chart with 3.303 billion shares valued at N45.244 billion traded in 23,490 deals; thus contributing 77.26% and 72.77% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 247.383 million shares worth N2.368 billion in 3,561 deals. The third place was the Consumer Goods Industry, with a turnover of 223.315 million shares worth N4.640 billion in 5,982 deals.
Trading in the top three equities namely United Bank for Africa Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc (measured by volume) accounted for 1.475 billion shares worth N27.648 billion in 8,875 deals, contributing 34.50% and 44.47% to the total equity turnover volume and value respectively.
