Business
THE NGX Insurance Index led the losers during the Sallah holiday-shortened week, falling by 1.32 per cent week-on-week.
This contributed to a 0.18 per cent decline in the broader market indices.
The NGX 30 Index followed with a 0.16 per cent decline, and the NGX Banking Index fell by 0.04 per cent week-on-week.
Conversely, the NGX Oil and Gas Index led the gainers, rising by 0.35 per cent week-on-week, followed by the NGX Consumer Goods Index, which increased by 0.29 per cent.
Also, the NGX Pension Index rose by 0.20 per cent and the NGX Industrial Goods Index advanced by 0.10 per cent week-on-week.
Specifically, sell pressure witnessed in the declined sectors led to negative price movements in the stocks of VFD Group, AIICO, Insurance and AXA Mansard.
It also include FBN Holdings, Fidelity Bank, Zenith Bank, MTN Nigeria, Transcorp Hotel, among others.
Consequently, NGX All-Share Index and market capitalisation depreciated by 0.18 per cent to close the week at 99,743.05 and N56.424 trillion each compared to 99,925.38 and N56.527 trillion respectively recorded in the previous week.
As a result, investors lost N103 billion week-on-week.
Meanwhile, 53 equities appreciated in price during the week higher than 51 equities in the previous week.
25 equities depreciated in price higher than 24 in the previous week, while 76 equities remained unchanged, lower than 79 recorded in the previous week.
A total turnover of 3.301 billion shares worth N53.157 billion in 27,536 deals was traded this week by investors on the floor of the Exchange, in contrast to 2.633 billion shares valued at N43.652 billion that exchanged hands last week in 33,709 deals.
Trading in the top three equities namely: Fidelity Bank Plc, FBN Holdings Plc and Veritas Kapital Assurance Plc measured by volume accounted for 2.469 billion shares worth N37.405 billion in 3,006 deals.
This contributed 74.80 and 70.37 per cent to the total equity turnover
volume and value respectively.
Additionally, NGX30Z4 and NGX
PENSIONZ4 Futures Contracts were listed on the NGX on Wednesday at N3,905 and N3,885 respectively and would expire on Dec. 20.
Fidelity Bank Plc’s rights issue of
3.2 billion ordinary shares of 50 kobo each at N9.25 per share on the basis of one new ordinary share for every existing 10 ordinary shares held as at the close of business on Jan.5 also opened on Thursday and would close on July 29.
Meanwhile, looking ahead to the next week, analysts at Cowry Asset Management Ltd. have predicted that the local bourse will trade in mixed sentiment.
They said this would ride on the back of low valuation and portfolio repositioning for value stocks as investors continue to exhibit a wait and see approach.
The analysts advised market players and investors to trade in stocks of companies with sound fundamentals as trading volume patterns continue to
fluctuate.
According to them, the present market outlook suggests buying interest in some sectors and profit-taking in others, amid a wait-and-see attitude.(NAN)
A.I
June 22, 2024 @ 17:05 GMT|
Tags: NGX Insurance Index
