Stock Market Down N661bn on Profit-taking in Airtel Africa, Others

Kayode Tokede

The bearish momentum in the Nigerian Exchange Limited (NGX) increased further as sustained profit-taking activities in Airtel Africa plc, other stocks drove the market to its fifth consecutive weekly decline.

The NGX All-Share index dropped by 3.41 per cent to close at 47,351.43 basis points, the lowest level since April 2022.

Similarly, market capitalisation declined N661 billion to close at N25.791 trillion. 

Notably, investors profit-taking in Airtel Africa, Okomu Oil and Presco drove the weekly loss.

Airtel Africa recorded a loss of N752 billion last week  to rank among the top losers of the week, following sustained sell pressure witnessed on the stock. 

During the week, Geregu Power listed 2.500 billion ordinary shares of 50 kobo each at N100.00 per share on the main board of NGX.

 Performance across sectors was largely bearish, as losses in the Banking index shed 3.4 per cent week-on-week (W-o-W). Insurance index declined by 1.2 per cent, while Oil & Gas down by 1.0 per cent W-o-W.

Consumer Goods and Industrial Goods indices recorded a weekly loss of 0.6 per cent and 0.3 per cent respectively, reflected the overall market sentiment.

The market breadth for the week was negative as 11 stocks appreciated in price, 46 equities depreciated in price, while 100 stocks remained unchanged. Multiverse Mining & Exploration led the gainers table by 21.95 per cent to close at N4.50, per share. 

Geregu Power followed with a gain of 20.90 per cent to close at N120.90, while Livestock Feeds went up by 11.76 per cent to close to N1.14, per share.

On the other side, NASCON ALLIED Industries led the decliners table by 13.64 per cent to close at N9.50, per share. Cornerstone Insurance followed with a loss of 10.71 per cent to close at 50 kobo, while Neimeth International Pharmaceuticals declined by 10.00 per cent to close at N1.26, per share.

Overall, a total turnover of 586.939 million shares worth N8.837 billion in 17,183 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.005 billion shares valued at N10.406 billion that exchanged hands previous week in 17,844 deals.

The Financial Services Industry (measured by volume) led the activity chart with 393.814 million shares valued at N4.660 billion traded in 9,168 deals; contributing 67.1 per cent and 52.73 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 48.178 million shares worth N1.203 billion in 1,294 deals, while the Conglomerates Industry traded a turnover of 40.135 million shares worth N44.406 million in 513 deals.

Trading in the top three equities namely Guaranty Trust Holding Company, Sterling Bank and Zenith Bank (measured by volume) accounted for 239.637 million shares worth N3.546 billion in 4,375 deals, contributing 40.83 per cent and 40.13 per cent to the total equity turnover volume and value respectively.