The Nigerian Exchange Limited (NGX) witnessed a second consecutive week of losses, with banking stocks leading the downturn, according to market reports ending April 12, 2024.
During the trading week, the NGX experienced a decline of 1.09%, closing at 102,314.56 points compared to the previous week’s 103,437.67 points. The market also saw a reduction in market capitalization by N613 billion, closing at N57.865 trillion, down by 1.08% from N58.498 trillion at the start of the week. The market, which observed a three-day closure, was notably impacted by the continued bearish performance of banking stocks.
Key players in the banking sector suffered significant losses, with Access Holdings leading the decline with a loss of 14.60%, followed by GTCO with a loss of 13.75%, and FBN Holdings with a decline of 11.15%.
Overall, the market’s All-Share Index (ASI) closed at 102,314.56 points, marking its lowest level since March 11, 2024. Trading activity during the week recorded a turnover of 1.132 billion shares valued at N28.650 billion, a notable decrease from the previous week’s turnover of 3.680 billion shares worth N57.892 billion. The financial services sector dominated trading activity, with a trade volume of 859.646 million shares valued at N20.624 billion.
Morison Industries emerged as the top gainer during the week, recording a gain of 20.75%, followed by Oando Plc with a gain of 10.57%, and Transnational Corporation Plc with an increase of 10.33%. On the flip side, Access Holdings led the list of top losers with a decline of 14.60%, followed by United Capital with a loss of 13.92%, and GTCO Holdings with a decrease of 13.75%.
In the category of Stocks Worth Over N1 trillion (SWOOT), there was an overall bearish sentiment, with a collective decline in market capitalization by N394.78 billion, representing a 0.81% decrease. Zenith Bank, FBN Holdings, and GTCO Holdings recorded price declines within this category.
The week also witnessed a general bearish sentiment among the FUGAZ stocks (FBN Holdings, UBA, GTCO, Access, and Zenith Bank), with price declines ranging from 0.75% to 14.60%.
Overall, the NGX faced challenges during the week, primarily driven by losses in the banking sector, although some stocks experienced gains amid the prevailing market conditions.
