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Banking Sector Takes A Hit On Weekly Overview Of Nigerian Equities From September 11-15, 2023
Banking Sector Takes A Hit On Weekly Overview Of Nigerian Equities From September 11-15, 2023....KINDLY READ THE FULL STORY HERE▶

In the dynamic realm of Nigerian equities, each week unfolds fresh opportunities for investors. In this weekly roundup, Nairametrics spotlights the pivotal developments that influenced the performance of Nigerian stocks in the past week, providing insightful analysis and highlighting significant trends.
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From shifts in market indices to sectoral performances, here is a comprehensive overview of the events that transpired in Nigerian equities during the past week.
Market Recap
The Nigerian equities market experienced a blend of volatility and stability during the week of September 11th to 15th, 2023. The week commenced with substantial selloffs in response to FTSE Russell, the global index provider, downgrading the Nigerian Stock Exchange from “Frontline” to “Unclassified Market.” This reclassification, scheduled to take effect on September 18, 2023, triggered immediate selloffs, resulting in a decline in the All-Share Index.
Despite some recovery in equity prices throughout the week, the local bourse ultimately concluded the week on a negative note. In summary, the NGX All-Share Index and Market Capitalization depreciated by 1.10%, closing the week at 67,395.74 points and N36.886 trillion, respectively.
Sectoral Performance
Banking Sector: The banking sector had a challenging week, with the index experiencing a notable loss of -3.24%. The primary driver of this poor performance was the FTSE downgrade, which had a particularly adverse impact on banking stocks. Zenith Bank, in particular, led the FUGAZ group to a negative outlook for the week, with a significant -10% decline in its value.
Oil & Gas Sector: Despite the ongoing uptick in crude oil prices, with Brent crude reaching $94 per barrel in the international market, the oil and gas sector encountered losses of -2.02%.
Consumer Goods Sector: Investors in the consumer goods sector reacted negatively, with the sector’s index declining by -1.84% during the week.
Winners and Losers:
Winners: The top-performing stocks of the week included OANDO (42.86%), CHELLARAMS (32.76%), CWG (29.76%), CORNERSTONE INSURANCE (12.90%), and NNFM (12.03%).
Losers: The week saw significant losses for ABC TRANSPORT (-33.63%), OMATEK (-31.03%), ETRANZACT (-26.50%), GUINEA INSURANCE (-19.44%), and TANTALIZERS (-17.39%).
AGM Watch
During the week under review, several companies announced their upcoming Annual General Meetings (AGMs). On Wednesday, September 13th, CORONATION INSURANCE Plc disclosed that its 65th Annual General Meeting would be held virtually on October 5, 2023, at 10:00 a.m. Other companies, such as RED STAR EXPRESS, UNIVERSAL INSURANCE, and NIGERIAN ENAMELWARE, also announced their AGMs.
Insider Trading
Notable insider trading activities occurred during the week, with Mohammed Garuba, a Non-Executive Director of Nigerian Exchange Group Plc, acquiring 10,000,000 units of shares in the company worth N225 million.
Market Outlook
Looking ahead, it will be intriguing to observe how the Nigerian equities market responds to the nomination of a new CBN Governor. President Bola Tinubu recently nominated Dr. Olayemi Michael Cardoso for the role of Governor of the Central Bank of Nigeria (CBN), pending confirmation by the Senate. The market had previously responded positively to the suspension of the former CBN Governor, Godwin Emefiele. Nairametrics will closely monitor equities’ reactions to Michael Cardoso’s nomination as his successor.
Furthermore, the downgrade reclassification by FTSE Russel takes effect on Monday, September 18th, and market watchers will be attentive to its impact on equities.
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No Replacement: Shettima Stays As Tinubu’s Right-Hand Man In 2027 Election Race!.
The All Progressives Congress (APC) has officially confirmed that President Bola Tinubu and Vice President Kashim Shettima will lead the party’s ticket for the 2027 presidential election. This decision, which puts an end to widespread speculation, was solidified as the party submitted its formal nomination forms to the National Working Committee. President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, formally announced the development via his verified handle, declaring an “end of speculations” regarding the ticket.....KINDLY READ THE FULL STORY HERE▶
Putting months of political rumors to rest, the ruling APC has retained Vice President Kashim Shettima as President Bola Tinubu’s running mate for the upcoming 2027 polls. The announcement followed a high-level party stakeholder meeting in Abuja, where Presidential Aide Ibrahim Kabir Masari presented the completed nomination forms on behalf of the President. APC National Chairman, Prof. Nentawe Yilwatda, and the Progressive Governors’ Forum, led by Senator Hope Uzodinma, both expressed strong support for the joint ticket, citing the administration’s governance record as the foundation for their 2027 re-election bid.
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The APC has officially ended all guesswork regarding the 2027 elections by confirming the Tinubu-Shettima ticket. Presidential media aide Bayo Onanuga took to to confirm the news, while party leadership—including National Chairman Prof. Nentawe Yilwatda and the Progressive Governors’ Forum—formally presented the nomination forms in Abuja. The party remains unified in its support for the President and Vice President to continue their mandate for a second term.
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“A Victory For Security!” Ben Murray-Bruce Applauds President Tinubu After Daring Rescue Of Kidnapped Oyo Pupils.
Former Senator Ben Murray-Bruce has lauded the successful rescue of abducted pupils and teachers in Oyo State, describing the operation as a major win for national security. Following the Presidency’s confirmation of the rescue, Murray-Bruce took to social media to commend President Bola Tinubu’s dedication to citizen safety. He specifically praised National Security Adviser Nuhu Ribadu for his effective coordination of the security forces, while also saluting the DSS and all personnel involved in the mission. Murray-Bruce emphasized that the safe return of every child is a significant achievement that merits national praise.....KINDLY READ THE FULL STORY HERE▶
Celebrating the safe return of the kidnapped Oyo pupils and teachers, former Bayelsa Senator Ben Murray-Bruce has called the rescue a powerful testament to what coordinated security efforts can achieve. In a post on his verified handle, the former lawmaker expressed his appreciation for President Tinubu’s commitment to protecting Nigerians. He extended his gratitude to National Security Adviser Nuhu Ribadu for his strategic leadership, as well as to the DSS and the brave officers on the ground. Murray-Bruce concluded that such professional successes, which ensure children are returned to their families, represent a vital victory for the nation.
Following the recent rescue of abducted pupils and teachers in Oyo State, former Senator Ben Murray-Bruce has issued a statement of commendation regarding the operation’s success. Murray-Bruce highlighted the operation as a clear example of the effectiveness of unified leadership and professional intelligence. He officially recognized President Bola Tinubu for his administration’s focus on national security and lauded the contributions of National Security Adviser Nuhu Ribadu, the DSS, and all participating security personnel. For Murray-Bruce, the safe recovery of these individuals is a milestone that deserves broad national recognition.
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A New Dawn in Port Harcourt? Fubara Reconciles with Assembly To Present Record-Breaking N1.85 Trillion Proposal!.
Governor Siminalayi Fubara of Rivers State has unveiled an ambitious ₦1.854 trillion budget for 2026, marking a 24.49 percent increase over the previous year’s adjusted figures. With a strong focus on development, the “Budget of Resilience for Growth and Development” dedicates ₦1.405 trillion to capital projects and ₦413.11 billion to recurrent costs. In a significant political development, the Governor presented this proposal in person to the Martin Amaewhule-led State House of Assembly, ending his absence from the chamber following the 2023 legislative crisis.....KINDLY READ THE FULL STORY HERE▶
Governor Siminalayi Fubara has submitted a ₦1.854 trillion appropriation bill to the Rivers State House of Assembly, identifying it as a “Budget of Resilience for Growth and Development”. The administration’s fiscal strategy prioritizes infrastructure expansion and human capital development, with capital expenditure set at ₦1.405 trillion and recurrent spending at ₦413.11 billion. This presentation is a key milestone for the state, as it signifies the Governor’s return to the Martin Amaewhule-led legislative sessions following the 2023 political tensions. The proposed budget is designed to accelerate state-wide development by capturing all sectors of the economy through a 24.49 percent increase in projected total revenue.
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