The Nigerian Exchange Limited (NGX) investors experienced a significant loss of N1.32 trillion in the just concluded week.
The downward performance was driven by selloffs in Tier-one banking stocks, including Zenith Bank, Guaranty Trust Holding Company (GTCO), and Dangote Cement, Dangote Sugar, African Prudential, among others.
Investors reacted negatively to the Central Bank of Nigeria’s (CBN) hike in the Monetary Policy Rate (MPR) announced within the week.
The CBN’s Monetary Policy Committee (MPC), on Tuesday, July 23, announced another increase in Nigeria’s interest rate by 50 basis points to 26.75 per cent, from 26.25 per cent.
CBN Governor Olayemi Cardoso said the decision was in response to the continued inflationary pressures.
However, the all-share index and market capitalisation depreciated by 2.33 per cent each to close the week at 98,201.49 and N55.605 trillion, respectively, against 100,539.40 and N56.929 trillion recorded in the previous week.
Similarly, all other indices finished lower with the exception of NGX MERI Value whichappreciated by 0.72 per cent while the NGX ASeM and NGX Sovereign Bond indices closed flat.
20 equities also appreciated in price during the week, lower than 37 equities in the previous week.
Investors lose N118bn at stock market
47 equities depreciated in price, higher than 34 in the previous week, while 84 equities remained unchanged, higher than 80 recorded in the previous week.
Secure Electronic Technology Plc led 46 declined equities on the losers’ table by 26.32 per cent to close at 42k per share.
Sovereign Trust Insurance Plc led 19 other advanced equities on the gainers table by 14.29 per cent to close at 56k per share.
Meanwhile, a total turnover of 3.557 billion shares worth N47.220 billion in 42,871 deals was traded during the week by investors.
This was in contrast to a total of 2.827 billion shares valued at N42.366 billion exchanged last week in 44,277 deals.
The Financial Services Industry measured by volume led the activity chart with 2.011 billion shares valued at N25.783 billion traded in 24,350 deals.
This contributed 56.52 per cent and 54.60 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 1.020 billion shares worth N3.216 billion in 1,846 deals.
The third place was the Agriculture industry, with a turnover of 168.028 million shares worth N647.859 million in 1,473 deals.
Trading in top three equities – Tourist Company of Nigeria Plc, FCMB Group Plc, and Abbey Mortgage Bank Plc – measured by volume accounted for 1.876 billion shares worth N8.511 billion in 935 deals.
This contributed 52.73 and 18.02 per cent to the total equity turnover volume and value, respectively.
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