NGX Weekly: Airtel, 36 others lower market cap by N761trn

Having lost in four of the five trading sessions, the Nigerian Exchange Ltd. (NGX) stock market capitalization closed the week with a N761 trillion loss, week-on-week.

Sell-offs in Airtel Africa, Transnational Corporation (Transcorp), PZ Cussons Nigeria, Berger Paints, Zenith Bank, and FBN Holdings, among other declined equities, were the primary drivers of the weak market’s performance over the course of the week.

Specifically, the NGX market capitalization and All-Share Index depreciated by 1.35 percent and 1.36 percent to close the week at 98,233.76 and N55.562 trillion, respectively, in contrast to N56.323 trillion and 99,587.25, respectively.

Similarly, all other indices finished lower, with the exception of NGX CG, NGX Premium, NGX AFR Bank Value, NGX AFR Div Yield, and NGX Industrial Goods.

Also, NGX Growth and NGX Sovereign Bond appreciated by 0.12, 0.20, 1.84, 0.79, 0.07, 0.02, and 1.30 percent, while the NGX ASeM index closed flat.

Meanwhile, 37 equities depreciated in price, higher than 36 in the previous week.

Forty equities also appreciated in price during the week, lower than 42 equities in the previous week, while 77 equities remained unchanged, higher than 76 recorded in the previous week.

On the losers table, PZ led by N10.25 to close at N27.75, McNichols Plc trailed by 23k to close at 91k, and Secure Electronic Technology Plc lost 10k to close at 49k per share.

International Breweries Plc declined by 73k to close at N4.05, while Axa Mansard Insurance shed 76k to close at N5.13 per share.

Conversely, Tantalizers Plc led the gainers table by 10k to close at 46k, and FTN Cocoa Processors followed by 27k to close at N1.62 per share.

Also, Presco Plc gained N38.70 to close at N291.50, May & Baker rose by 90k to close at N6.90, and The Initiates Plc added 30k to close at N2.30 per share.

Meanwhile, a total turnover of 2.187 billion shares worth N50.667 billion in 45,277 deals was traded this week by investors on the floor of the exchange.

This was in contrast to the 1.941 billion shares valued at N32.644 billion that exchanged hands last week in 35,807 deals.

The financial services industry, measured by volume, led the activity chart with 1.428 billion shares valued at N28.850 billion traded in 24,418 deals.

Hence, it contributes 65.29 percent and 56.94 percent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 385.661 million shares worth N9.919 billion in 5,826 deals.

In third place was the conglomerate industry, with a turnover of 133.697 million shares worth N1.715 billion in 3,271 deals.

Trading in the top three equities, namely United Bank for Africa Plc, Nigerian Breweries Plc, and Access Holdings Plc, measured by volume, accounted for 1.020 billion shares worth N23.631 billion in 9,587 deals.

This indicated a contribution of 46.63 and 46.64 percent to the total equity turnover volume and value, respectively.

Additionally, NGX on Friday of the week under review listed AVA Global Asset Managers Ltd.'s  AVA Infrastructure Series one fund of 4,075 units of N1 million each issued at par under the N200 billion issuance programme.

The trading symbol for the AVA Infrastructure Fund is AVAIF.