Equity market sheds over N1tn in one week

Investors in the Nigerian equity market lost N1.34tn last week as banking and pension stocks plummeted.

The banking index dipped by 2.94 per cent week-on-week, and the pension index was down 2.18 per cent last week.

The All-Share Index and market capitalisation declined by 2.33 per cent to close the week at 98,201.49 and N55.605tn, respectively.

Last week, investors traded 3.56 billion shares worth N47.22bn in 42,871 deals, compared to 2.827 billion shares valued at N42.37bn in 44,277 deals in the previous week.

The financial services industry led the activity chart, with 2.011 billion shares valued at N25.78bn traded in 24,350 deals, contributing 56.52 per cent and 54.60 per cent to the total equity turnover volume and value, respectively.

The services industry came in second with 1.02 billion shares worth N3.22bn in 1,846 deals, and the agriculture industry came in third with a turnover of 168.03 million shares worth N647.859m in 1,473 deals.

The top three traded stocks in volume terms were Tourist Company of Nigeria, First City Monument Bank Group, and Abbey Mortgage Bank, accounting for 1.876 billion shares valued at N8.511bn in 935 trades, or 52.73 per cent and 18.02 per cent of the total equity turnover volume and value, respectively.

Additionally, 20 stocks appreciated last week at a lesser rate than 37 stocks, which gained the week before.

The price of 47 stocks decreased compared to 34 stocks in the previous week, while the price of 84 stocks stayed the same compared to 80 stocks the prior week.

A total of 81,047 units valued at N7.433m were traded this week in 141 deals, compared with a total of 314,760 units valued at N9.459m in 177 deals transacted last week.

Similarly, all other indices finished lower except Meristem Value, which appreciated by 0.72 per cent, while the Alternative Securities Market Index and Sovereign Bond indices closed flat.

The top three gainers at the end of the week were Sovereign Trust Insurance, Coronation Insurance and Neimeth International Pharmaceuticals.

Secure Electronic Technology, Omatek Ventures, and Cutix led the decliners’ chart.

Meanwhile, Transcorp Hotels and Transnational Corporation have announced proposed dividends of N0.10 per share.

Both companies have set the qualification date for their dividends as July 8, 2024, noting that shareholders on record as of this date would be eligible to receive the dividends, which will be paid out following the closure of the register on August 8, 2024.