BY BAMIDELE FAMOOFO
The market capitalization of the Nigerian stock market lost N15.64 billion to end the first week of trading in 2023 as All Share Index recorded a 0.06 percent decline week on week, eroding the prior week’s gains.
Closing the week, the Lagos bourse recovered losses from the previous session, bringing the All-Share Index up by 0.70 percent to close at 51,222.34 points. The market’s performance was bolstered by renewed investor interest in AIRTELAFRI (+3.33%) and DANGCEM (+0.38%) offsetting losses in NESTLE (-1.82%) and ZENITHBANK (-0.41%). Despite having gained in three (3) of four (4) trading sessions this week.
Over the course of the week, AIRTELAFRI (-5.20% w/w), BUACEMENT (-1.79% w/w), NESTLE (-1.82% w/w) were the major drivers of the week’s loss. As a result, the year-to-date (YTD) return stood at -0.06 percent, while the market capitalization shed N15.64 billion w/w to close at N27.90 trillion.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 307.38 percent. A total of 195.74 million shares valued at N7.45 billion were exchanged in 3,650 deals. FBNH (+1.36%) led the volume chart with 41.90m units traded while BUACEMENT (+0.00%) led the value chart in deals worth N2.90 billion.
Market breadth closed negative at a 1.07-to-1 ratio with declining issues outnumbering advancing ones. PZ (-9.09%) led fifteen (15) others on the laggard’s log, while NEIMETH (+8.39%) topped fourteen (14) others on the gainer’s table.