Ceo forum 2023

Stock market dips by 1.20% in week ended March 31

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 1.20 percent to close the week ended Friday, March 31 at 54,232.34 points and N29.544 trillion respectively.

All other indices finished higher with the exception of NGX Main Board, NGX 30, NGX Oil & Gas, NGX LOTUS II, NGX Industrial Goods and NGX Growth which depreciated by 0.95percent, 1.24percent, 2.02percent 0.70percent, 3.26percent and 2.53percent respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.

Thirty-seven equities appreciated in price during the review week higher than 28 equities in the preceding week. Thirty equities depreciated in price higher than 27 in the preceding week, while 90 equities remained unchanged, lower than 102 equities recorded in the preceding week.

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The market recorded total turnover of 2.071 billion shares worth N17.562 billion in 17,917 deals, in contrast to a total of 1.689 billion shares valued at N11.066 billion that exchanged hands preceding week in 14,019 deals.

The Financial Services Industry (measured by volume) led the activity chart with 948.792 million shares valued at N7.621 billion traded in 7,903 deals; thus contributing 45.80percent and 43.40percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 930.664 million shares worth N1.486 billion in 1,591 deals and the Oil and Gas Industry, with a turnover of 60.510 million shares worth N1.472 billion in 1,369 deals.

Trading in the top three equities namely Transnational Corporation Plc, Living Trust Mortgage Bank Plc and Fidelity Bank Plc, (measured by volume) accounted for 1.429 billion shares worth N3.461 billion in 1,620 deals, contributing 69percent and 19.71percent to the total equity turnover volume and value respectively.

Trading in shares of Sterling Bank Plc was suspended on Thursday March 30, 2023.
The suspension was necessary to prevent trading in the shares of the Bank in preparation for the Scheme of Arrangement between the Bank and the holders of its fully paid ordinary shares of 50 Kobo each for restructuring of the Bank.

The suspension is required for the purpose of determining the shareholders who will qualify for the scheme.