Nigerian Exchange: Stock Market report for week ended 15 September 2023

The Nigerian Exchange’s equity market lost 1.10% on the week ended 15 September, 2023, in a week we witnessed bumper interim dividend declarations from Zenith Bank Plc and United Bank for Africa Plc.

Also read; List of Dividends announced in 2023, qualification and payment dates

The NGX All-Share Index closed the week at 67,395.74 while the Market Capitalization dropped to N36.886 trillion.

Investogist reported on Monday that Zenith Bank Plc (NGX: ZENITHBANK) announced an interim dividend of 50 kobo per ordinary share for half-year period ended June 30, 2023.

United Bank for Africa Plc (NGX: UBA) on Tuesday on Tuesday proposed an interim dividend of N0.50 per share (30 June 2022: N0.20 per share) from the retained earnings account as at 30 June 2023.

In the preceding week ended 8 September, 2023, the NGX All Share Index gained 0.91% to close trading on Friday at 68,143.34 points, while the market capitalization appreciated by the same percentage to settle at N37.29 trillion.

Oando Plc (NGX: OANDO) was the best performing stock in the week advancing by 42.86%, while Associated Bus Company Plc (NGX: ABCTRANS) was the worst performing stock, shading 18.77%.

Activity Level

A total turnover of 2.933 billion shares worth N47.449 billion in 44,654 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.644 billion shares valued at N45.450 billion that exchanged hands last week in 44,189 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.955 billion shares valued at N26.384 billion traded in 21,707 deals; thus contributing 66.67% and 55.61% to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 281.356 million shares worth N5.307 billion in 4,423 deals. The third place was the Conglomerates Industry, with a turnover of 280.586 million shares worth N1.763 billion in 3,079 deals.

Trading in the top three equities namely United Bank for Africa Plc, Transnational Corporation Plc and Access Holdings Plc (measured by volume) accounted for 1.026 billion shares worth N13.649 billion in 9,733 deals, contributing 34.98% and 28.77% to the total equity turnover volume and value respectively.

Index Movement

The NGX All-Share Index and Market Capitalization depreciated by 1.10% to close the week at 67,395.74 and N36.886 trillion respectively.

Year-to-Date, the NGX All-Share Index has advanced by 31.50%, while Quarter-to-Date, it has appreciated by 10.54%, and Month-to-Date, it has appreciated by 1.27%.

The below are the performances of the indices under our watch;

NGX Banking Index: The index depreciated by 3.24% to 691.02 from 714.16 (YTD: 65.51%, QTD: 7.07%, MTD: 2.41%).
NGX Insurance Index: The index appreciated by 0.46% to 266.46 from 265.24 (YTD: 52.82%, QTD: -3.83%, MTD: -0.86%).
NGX Consumer Goods Index: The index depreciated by 1.84% to 1,082.42 from 1,102.72 (YTD: 83.79%, QTD: 20.97%, MTD: 1.83%).
NGX Oil/Gas Index: The index depreciated by 2.02% to 920.36 from 939.35 (YTD: 99.01%, QTD: 18.63%, MTD: -2.08%).
NGX Industrial Goods Index: The index depreciated by 0.28% to 2,884.92 from 2,892.88 (YTD: 20.04%, QTD: 15.80%, MTD: 0.86%).

Top gainers and losers

Thirty-two (32) equities appreciated in price during the week lower than fifty-two (52) equities in the previous week.

The top five gainers for the week under review are;

Oando Plc (NGX: OANDO): It gained 42.86% as it moved from N7.70 to N11.00
Chellarams Plc (NGX: CHELLARAM): It gained 32.76% as it moved from N2.90 to N3.85
CWG Plc (NGX: CWG): It gained 29.76% as it moved from N5.78 to N7.50
Cornerstone Insurance Plc (NGX: CORNERST): It gained 12.90% as it moved from N1.24 to N1.40
N. Nig. Flour Mills Plc (NGX: NNFM): It gained 12.03% as it moved from N12.05 to N13.50

Fifty-three (53) equities depreciated in price higher than thirty-five (35) in the previous week, while seventy (70) equities remained unchanged, higher than sixty-eight (68) recorded in the previous week.

The top five loser for the week under review are;

Associated Bus Company Plc (NGX: ABCTRANS): It lost 33.63% as it moved from N1.13 to N0.75
Omatek Ventures Plc (NGX: OMATEK): It lost 31.03% as it moved from N0.58 to N0.40
E-Tranzact International Plc (NGX: ETRANZACT): It lost 26.50% as it moved from N10.00 to N7.35
Guinea Insurance Plc (NGX: GUINEAINS): It lost 19.44% as it moved from N0.36 to N0.29
Tantalizers Plc (NGX: TANTALIZER): It lost 17.39% as it moved from N0.46 to N0.38