The Nigerian Exchange (NGX) continued its bearish run this week, declining by a marginal 0.07% to close with an All-Share Index of 99,051.02 points, down from yesterday’s 99,118.86 points.
Equities lost N32 billion, as the market capitalization declined to N56.032 trillion, from yesterday’s N56.07 trillion.
As part of the aftermath of yesterday’s Heritage Bank license revocation, Unity Bank has continued its downward trajectory, dropping 9.42%. This brings the bank’s total decline to 18.3% over two days, closing at N1.25.
During the day, Unity Bank emerged as one of the most actively traded stocks, with approximately 20.529 million shares changing hands. This activity reflects massive selloff of the stock following the Central Bank of Nigeria’s recent actions against banks facing challenges similar to those of Unity Bank.
There was a further decline in overall market activities, as there were 7,978 deals, compared to yesterday’s 8,082 deals. The turnover volume also declined by 9.3% to 316.923 million shares, from yesterday’s 349.590 million shares.
Major market movers were Nigerian Breweries which gained 10%, Presco Plc which gained 9.99%, and Oando Plc which gained 9.65%, reflecting N26.78 billion, N26.70 billion, and N15.5 billion in equity gains respectively.
Market Highlights
The top gainers were led by Nigerian Breweries with a 10% gain. Nigerian Breweries is experiencing a positive trend, aiming to recover from its 20.6% year-to-date decline. The stock has surged by 26.55% since reaching its one-year low price of N22.60 on May 15.
Presco Plc gained 9.99% to take its year-to-date gain to 52.3%, and it was followed by Oando Plc which gained 9.65%. RT Briscoe, Deap Capital, and Veritas Capital gained 9.62%, 9.09%, and 7.81% respectively.
The top losers were led by Tantalizers, which lost 10% to close at N0.45. Other significant losers include International Energy Insurance which lost 9.71%, UPDC lost 9.70%, Unity Bank lost 9.42%, Chams lost 6.67%, and Cornerstone Insurance lost 5.74%.
The top traded stocks were led by Veritas Capital which recorded a turnover volume of 59.175 million shares, followed by Fidelity Bank which recorded 48.121 million shares, followed by Oando with 27.959 million shares, Unity Bank with 20.529 million shares, and UBA with a 4.11% loss recorded a turnover volume of 19.782 million shares.
In terms of value, Airtel Africa recorded a turnover value of N2.43 billion, followed by Guinness Nigeria, with N642.23 million, followed by Seplat with N558.12 million, Fidelity Bank which posted 1.48% posted a turnover value of N468.23 million, and UBA posted a turnover value of N418.86 million.
SWOOTs and FUGAZ Update
Stocks worth over one trillion posted almost no changes, however, Zenith Bank posted a 3.03% loss. Other members of the category, Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, GTCO Holdings, MTN Nigeria, Transcorp Power, Seplat Energy and Geregu Power posted no changes.
There were negative sentiments towards top tier banking stocks as FBN Holdings lost 1.57%, UBA lost 4.11%, and Zenith Bank lost 3.03%. Access Holdings and GTCO Holdings posted no price changes.