Equity market loses N1.45tn in one week

The Nigerian equity market experienced a loss last week, shedding N1.45tn in market capitalisation. The All-Share Index fell by 2.94 per cent, closing the week at 102,353.68 points, while the market capitalisation also dropped by 2.26 per cent to N62.85tn.

A total of 2.252 billion shares, valued at N58.83bn, were traded in 63,657 deals, a decrease compared to the 4.698 billion shares worth N85.04bn traded in 72,562 deals in the previous week.

The Financial Services Industry led trading, accounting for 1.371 billion shares valued at N22.27bn, representing 60.86 per cent of the total volume and 37.86 per cent of the total value. The Consumer Goods Industry followed with 253.54 million shares worth N15.24bn, while the Services Industry recorded 193.42 million shares worth N931.8m.

The most traded stocks last week were Universal Insurance Plc, Guaranty Trust Holding Company Plc, and AIICO Insurance Plc, which made up 468.32 million shares worth N9.01bn, contributing 20.79 per cent to the total volume and 15.31 per cent to the total value.

While the broader market experienced losses, the MERI Value, Consumer Goods, Growth, and Sovereign Bond indices recorded marginal gains of 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively.

In the equity market last week, 33 stocks appreciated in price, a decrease from the 51 gainers recorded in the previous week. Also, 57 equities depreciated in price higher than 39 in the previous week, while 62 equities remained unchanged, the same as 62 recorded in the previous week.

Additionally, last week, Neimeth International Pharmaceuticals Plc emerged as the top gainer, with a remarkable 31.42 per cent increase, closing at N3.43 from an opening price of N2.61. S.C.O.A Nigeria Plc followed with a 20.39 per cent rise, closing at N2.48 from N2.06. Nigerian Flour Mills Plc saw a 19.54 per cent gain, closing at N54.45, while Livestock Feeds Plc appreciated by 17.62 per cent to close at N5.94. Dangote Sugar Refinery Plc also recorded a notable 16.67 per cent increase, closing at N38.50 from an opening price of N33.00.

On the flip side, Universal Insurance Plc led the decliners with a 19.23 per cent drop in its share price, closing at N0.63 from an opening price of N0.78. Other significant losers included Royal Exchange Plc, which saw an 18.35 per cent decline, closing at N0.89, and Regency Assurance Plc, which dropped by 17.78 per cent to close at N0.74. Sovereign Trust Insurance Plc also suffered a 16.67 per cent loss, closing at N1.10, while Dangote Cement Plc experienced a 16.46 per cent decline, closing at N400.00 from an opening price of N478.80.

The PUNCH reported that the Nigerian Exchange gained N1.25tn in one week as the All-Share Index and Market Capitalisation appreciated by 1.42 per cent and 2.02 per cent, respectively, closing at 103,586.33 points and N63.166tn, respectively.

Additionally, last week, global stock market sentiment was influenced by better-than-expected Gross Domestic Product growth for China in Q4 2024, a slowdown in the United States core inflation, and an improved outlook for potential Federal Reserve rate cuts. As a result, the MSCI World Equity Index saw a 2.0 per cent weekly gain.

In the US, the consumer price index rose by 0.4 per cent in December, in line with expectations, while the 12-month inflation rate stood at 2.9 per cent. The annual core CPI, however, came in better than anticipated, signalling a more favourable economic outlook.