The market capitalization of the local exchange ended last week at N34.069 trillion, down by N257 billion as a result of losses in the financial services stocks FBN Holding Plc, Ecobank Transnational incorporated, and others.
The All-Share Index likewise fell by 470.68 basis points, or 0.75 percent, to finish at 62,569.73.
Ecobank Nigeria Limited and FBN Holdings are currently embroiled in a dispute over the latter’s recent acquisition of shares by a company connected to tycoon Oba Otudeko, a former chairman, over an alleged N13.5 billion in unpaid debt.
The NGX ASeM and NGX Sovereign Bond indexes closed flat, while all other indexes ended lower with the exception of the NGX Oil and Gas, NGX Lotus ll, and NGX Industrial Goods Indices, which increased by 1.43 percent, 0.72 percent, and 9.01 percent, respectively.
Investors traded 5,246 billion shares worth N63.417 billion in 57,234 transactions on the Exchange’s trading floor last week, as opposed to 9,831 billion shares worth N145.408 billion in 54,478 transactions. According to this, the volume of equities traded last week fell by 46.64 percent as compared to the week before.
The Financial Services Industry led the activity chart of the Nigerian Exchange Limited last week, with 3,494 billion shares worth N38.032 billion traded in 28,633 deals, contributing 66.60 percent and 59.97 percent, respectively, to the total equity turnover volume and value.
The Conglomerates Industry came in second with 451,410,000,000 shares valued at N2.186 Billion in 3,147 transactions. With 4,207 transactions totaling 332.705 million shares worth N5.638 billion, the ICT industry came in third.
United Bank for Africa, Transnational Corporation Plc, and FBN Holding Plc were the top three stocks traded, totaling 1.222 billion shares worth N15.523 billion in 8,260 trades, accounting for 23.28 and 24.48 percent of the total equity turnover volume and value respectively.
In comparison to the previous week, when 78 stocks gained value, only 29 stocks did so this week. Seventy-seven stocks declined, up from 25 the week before, while 50 stocks stayed stable, down from 53 the week before.
Daar Communications, whose shares increased by 50% to close at N0.30, topped the list of gainers. John Holt increased by 44.80% to close at N1.81. Nascon Allied Industries Plc’s shares increased by 22.49 percent to close at N28.05. This was in anticipation of a potential merger with Dangote Sugar Refinery and Dangote Rice.
The stocks of financial services companies dominated the losers table, with names like FBN Holdings falling by 22.17 percent to close at N15.80, Ecobank stocks falling by 23.03 percent to close at N12.70, Wema Bank falling by 25.55 percent in share value to close at N4.05, Sterling Holdco falling by 25.42 percent to close at N3.11, and Fidelity Bank stocks falling by 24.97 percent to close at N6.70.
The shares of Access Holdings decreased by 20.27 percent to close at N14.95 after news of intended expansion into numerous African nations.
