Stock market sees first weekly dip in New Year

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation depreciated by 0.06percent in the trading week ended Friday January 6, 2023 to close at 51,222.34 points and N27.899 trillion respectively.

The market opened for four trading days as the Federal Government of Nigeria declared Monday January 2, 2023 a Public Holiday to mark the New Year celebration.

All other indices finished higher with the exception of NGX Main Board, NGX Industrial Goods and NGX Sovereign Bond indices which depreciated by 0.54percent, 0.58percent and 0.09percent respectively, while the NGX ASeM index closed flat.

Thirty-eight (38) equities appreciated in price during the review week, lower than forty-four (44) equities in the preceding week. Seventeen (17) equities depreciated in price higher than sixteen (16) in the preceding week, while 102 equities remained unchanged, higher than 97 equities recorded in the preceding week.

The market recorded total turnover of 921.856 million shares worth N27.154 billion in 15,601 deals, in contrast to a total of 1.880 billion shares valued at N18.988 billion that exchanged hands in the preceding week in 12,036 deals.

The Financial Services Industry (measured by volume) led the activity chart with 616.527 million shares valued at N6.452 billion traded in 7,208 deals; thus contributing 66.88percent and 23.76percent to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 138.314 million shares worth N13.356 billion in 1,063 deals. Also, the Conglomerates Industry, with a turnover of 55.931 million shares worth N92.845 million in 502 deals.

Trading in the top three equities namely FBN Holdings Plc, BUA Cement Plc and Guaranty Trust Holding Company Plc (measured by volume) accounted for 450.338 million shares worth N17.203 billion in 1,862 deals, contributing 48.85% and 63.35% to the total equity turnover volume and value respectively.