- Financial stocks lead with N20bn
A total turnover of 2.141 billion shares worth N51.217 billion in 55,603 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.821 billion shares valued at N53.048 billion that exchanged hands previous week in 50,488 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.229 billion shares valued at N19.976 billion traded in 20,701 deals; thus contributing 57.40 percent and 39.00 percent to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 262.484 million shares worth N17.996 billion in 14,275 deals.
The third place was the Services Industry, with a turnover of 155.587 million shares worth N532.941 million in 3,558 deals.
Trading in the top three equities namely Access Holdings Plc, Oando Plc and Zenith Bank Plc (measured by volume) accounted for 517.336 million shares worth N24.454 billion in 15,502 deals, contributing 24.16% and 47.75% to the total equity turnover volume and value respectively.
In the Exchange Traded Product segment, a total of 23,881 units valued at N8.240 million were traded this week in 136 deals compared with a total of 37,329 units valued at N8.385 million transacted last week in 212 deals.
The NGX All-Share Index and Market Capitalization depreciated by 0.15 percent to close the week at 96,433.53 and N55.394 trillion respectively.
Similarly, all other indices finished lower with the exception of NGX Oil and Gas, which appreciated 1.52%, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Thirty-six (36) equities appreciated in price during the week lower than fifty-six (56) equities in the previous week.
Forty-six (46) equities depreciated in price higher than twenty-six (26) in the previous week, while sixty-nine (69) equities remained unchanged, same as sixty-nine (69) recorded in the previous week.
In the review week, Chapel Hill Denham Nigeria Infrastructure Debt Fund listed 901,761 Units of Chapel Hill Denham Nigeria Infrastructure Debt Fund.
“Trading License Holders are hereby notified that additional 901,761 units of Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF or the Fund) were on Monday, 2 September 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX),” a statement by the NGX disclosed.
The additional units listed on NGX arose from the NIDF’s Scrip Dividend issued from January 2023 to April 2024. With the listing of the additional 901,761 units, the total unit of the Fund has now increased from 960,044,759 to 960,946,520 units.
Nigerian Breweries Plc also announced its plan to raise about N600 billion fresh capital to boost its business on the week. The company made the disclosure to the Nigerian Exchange Limited and other stock market stakeholders on Tuesday. The venture will be achieved through a rights issue and 22,607,491,232 Ordinary Shares of N0.50 each at N26.50 per share will be sold to shareholders of the company.
“The company has obtained the approval of the Securities and Exchange Commission to commence the Company’s Rights Issue of 22,607,491,232 Ordinary Shares of N0.50 each at N26.50 per share. This is being offered to existing shareholders on the basis of 11 new Ordinary Shares for every 5 Ordinary Shares held as at 12th July 2024, being the qualifying date,” a statement issued by NB Plc disclosed.
It further noted that the Rights Circular will be sent to all shareholders recorded in the register of members as at that date. The Offer opened on Monday, 2nd September 2024, and closed on Friday, 11th October 2024.
Meanwhile, sentiments across equities markets globally turned sour in the review week as a poor US manufacturing reading rekindled worries about a US recession, amid selloffs in global tech stocks and a firmer yen.
Nevertheless, signs of continued economic cooling, as indicated by the recently released August report, have increased expectations for a more significant rate cut by the Federal Reserve at the next policy meeting. Accordingly, US equities (DJIA: -1.9%; S&P 500: -2.6%) are on track for a weekly decline, with widespread selloffs in tech stocks and growing concerns over economic health overshadowing the prospects of interest rate cuts.
Similarly, European equities (STOXX Europe: -2.9%; FTSE 100: -2.0%) are poised to close lower this week, fueled by fears of a US economic slowdown and heightened global market uncertainties.
Asian markets (Nikkei 225: -5.8%; SSE: -2.7%) also experienced sharp declines due to (1) a slump in technology stocks following the global tech rout, (2) sell pressures on export-driven stocks amid a surge in the Japanese yen, and (3) weak corporate earnings amid slower growth in China. The Emerging (MSCI EM: -2.0%) and Frontier (MSCI FM: -0.4%) market indices posted losses, driven by declines in China (-2.7%) and Vietnam (-0.8%).
