In One Week, Equity Market Investors Lose N90bn

The financial services industry of the Nigerian Exchange Limited (NGX) dominated trading activities in the past week, even as investors lost N90bn at the close of trading despite bullish sentiments.

The financial services industry led the activity chart with 1.721 billion units of shares valued at N18.28bn which were exchanged in 17,151 deals; contributing 67.68 percent and 47.30 percent to the total equity turnover volume and value respectively at the end of the week.

Next was the conglomerates industry which saw 200.584 million units of shares worth N1.55bn traded in 2,073 deals. The third active index was the services industry, with a turnover of 122.025 million shares worth N376.17m in 2,051 deals.

At the close of trading, The NGX All-Share Index appreciated by 0.27 percent to close the week at 71,419.87, while the market capitalisation depreciated by 0.23 percent to N39.082tn due to the delisting of the entire issued share capital of Union Bank of Nigeria from the Daily Official List of NGX.

Also, McNichols Consolidated Plc, listed 398,053,129 ordinary shares of 50 kobo each at N0.50 on the NGX arising from its rights issue based on 17 shares for every 23 ordinary shares held as of 16 September 2022. With this listing, the total issued and fully paid up shares of McNichols had increased from 718,740,000 to 1,116,793,129 ordinary shares of 50 kobo each.

The level of trading activity witnessed an upswing as there was a 4.88 percent increase in total traded volume, reaching 2.54 billion units in weekly deals, with the number of trades growing by 8.75 percent to 36,138. Also, the weekly traded value experienced an uptick of 70.50 percent, totalling N38.64bn.