latest
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.
Read Also A Journey Of Purpose: Sharing My Chevening Story Of Impact And Hope
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.
latest
“ADC Ex-Chairman Nwosu Speaks On Hotly Contested Presidential Ticket Zoning”.
The founder and pioneer National Chairman of the African Democratic Congress (ADC), Ralph Nwosu, has said the party has not yet reached a final decision on zoning its presidential ticket ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
latest
“2027: Kwankwaso Makes Double Appeal To Nigerians Ahead Of Elections”.
Former presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, has called on Nigerians both within the country and in the diaspora to actively participate in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
latest
“Adasobo Festival Lights Up Kishi As Hunters Display Courage, Tradition And Unity”.
The ancient town of Kishi in Irepo Local Government Area of Oyo State came alive on Monday as indigenes and visitors gathered to celebrate the centuries-old Adasobo Festival, a cultural event deeply tied to the identity and heritage of the people.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
