Nigeria Exchange in decline two weeks in a row

Alex Omenye
Alex Omenye

For the second consecutive week, the NGX experienced a downward trend, with a 1.09% decline recorded during the week ending April 12, 2024.

This resulted in the index closing at 102,314.56 points, down from the previous week’s 103,437.67 points.

Equities suffered a loss of N613 billion, with the NGX’s market capitalization closing at N57.865 trillion, representing a 1.08% decline from N58.498 trillion at the beginning of the week.

The market, which was closed for three days, primarily felt the impact of the continued bearish performance of banking stocks.

Among the top weekly losers were Access Holdings, which lost 14.60%, GTCO with an 13.75% loss, and FBN Holdings, which saw an 11.15% decline.

The market’s All-Share Index at 102,314.56 points marked the lowest ASI recorded since March 11, 2024.

During the week, there was a total turnover of 1.132 billion shares worth N28.650 billion, contrasting with the previous week’s turnover of 3.680 billion shares worth N57.892 billion.

Financial services stocks dominated the activity chart, with a trade volume of 859.646 million shares valued at N20.624 billion, followed by conglomerates with a volume of 107.940 million shares worth N1.461 billion.

Consumer goods stocks recorded a turnover of 51.443 million shares worth N1.921 billion.

Morison Industries emerged as the best-performing stock of the week, gaining 20.75%. Oando Plc registered a gain of 10.57%, while Transnational Corporation Plc saw an increase of 10.33%. Deap Capital recorded a gain of 9.68%, followed by Omatek Ventures with an 8.97% increase.

On the flip side, Access Holdings experienced the highest loss of 14.60% during the week, resulting in a decline of N117.3 billion in its market capitalization. United Capital lost 13.92%, GTCO Holdings shed 13.75%, Flour Mills of Nigeria saw a decline of 13.55%, and Sunu Assurances returned a loss of 13.24% to complete the top five losers in the market.

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