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  • Business - Market Data
  • Updated: July 28, 2023

Nigerian Exchange Sees N232 Billion Plunge, Top Performers, Key Market Trends

Nigerian Exchange Sees N232 Billion Plunge, Top Performers,

The Nigerian Stock Exchange (NSE) saw its market value plummet by a staggering N232 billion on Friday as the stock market dropped to conclude the week.

Due to a weak stock market and limited demand, this loss was more than double that which was announced on Thursday. 

Market capitalization of the Nigerian Stock Exchange decreased 0.65% on Friday, finishing at N35,403 trillion, down from N35,635 trillion the day before. 

In the most recent trading session, the NSE All-Share Index (ASI), which closed at 65,056.39 points, decreased by 0.65%.

The index dropped 426.52 points from the 65,687.16 point closing the day before. 

The NGX All-Share Index ended today's trading session on the Nigerian Stock Exchange at 65,056.39 points, down 0.65% from the previous trading day. 

Nevertheless, despite the day's decline, the performance so far this year has been favourable, increasing by 26.94%. 

An amazing N35,403 trillion is the market capitalisation as a whole. A total of 459.770 million shares, worth a total of N5.35 billion, were exchanged during the day. 

Additionally, the market saw 8,051 transactions, which shows strong trading activity and investor involvement.

The best-performing company of the day was COURTVILLE, whose share price increased by 10% on the back of a bullish market.

The poorest performers, on the other hand, were CHAMS and GUINNESS, both of which fell by 10% as a result of subpar earnings releases. By trading the most shares at the close of the trading session, UBA was the most active stock. 

The number of trades that were settled on the market decreased from 8,070 the previous session to 8,051 this session. 

 At the conclusion of the week, COURTVILLE topped the gainer list as its stock price increased by 10%. As their stocks increased by 8.91% and 8.89%, respectively, to end the week, ABBEYBDS and OMATEK also did well. 

As a result of the sharp decline in the stock prices of certain top companies, the market witnessed a severe slump.

The largest declines of 10% were reported by CHAMS and GUINNESS, followed by JOHNHOLT with a decrease of 9.84%. 

As the week came to an end on Friday, trading activity on the Nigerian stock market increased as the total value of shares moved increased noticeably by 11.69% to N5.35 billion.

This indicates an absolute gain of N0.56 billion above the value of N4.79 billion from the previous day. 

However, the trading activity was muted and there were fewer deals than the day before.

From 509.25 million shares traded on Thursday to 459.77 million shares exchanged on Friday, there was a significant 9.72% fall in the volume of shares traded on the exchange.  

Today's market's most active stocks were UBA, JAPAULGOLD, and ACCESSCORP. With a volume of 57.62 million shares, UBA dominated the action. JAPAULGOLD was second with 48.08 million shares, and ACCESSCORP was third with 44.16 million shares. 

UBA had the greatest trading volume, according to the NSE daily report, with 57.62 million shares changing hands between investors for a total of N832.31 million.

The second-most traded stock was ACCESSCORP, with 44.16 million shares valued at N766.95 million, while the third-most traded stock was FIDELITYBK, with 37.64 million shares worth N320.72 million. 

Due to ZENITH BANK and GTCO's strong performance, which saw revenue growth of 0.86% and 0.13%, respectively, the banking sector saw a little rise at the closing of trade today.

However, the stock values of MTN Nigeria and UBA decreased by 3.44% and 0.67%, respectively, which adversely affected the market's performance. 

At the close of today's trading, the shares of AIRTEL AFRICA, DANGOTE CEMENT, BUA CEMENT, and BUA FOODS were unchanged, indicating a steady market performance for these businesses.

In the most recent trading session, the Nigerian banking industry shown tenacity despite the market slump as two of the top banks saw increases in their share values.

With a gain of 0.86%, ZENITH BANK took the lead, followed by GTCO's 0.13%. With respective share price declines of 4.87%, 4.72%, and 0.67%, FBNH, ACCESS HOLDINGS, and UBA fell behind. 

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