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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.
Abia State Governor, Alex Otti, has reaffirmed his administration’s commitment to partnering with investors to drive development and generate employment opportunities across the state.....KINDLY READ THE FULL STORY HERE▶
The governor made the statement at the Government House in Umuahia during the signing of a Memorandum of Understanding (MoU) for the development of the Aba Commercial Smart City, a project expected to create about 125,000 jobs.
Represented by his Chief of Staff, Caleb Ajagba, Otti said the project would transform Aba and the wider Abia State into a major industrial hub, fostering sustainable economic growth and large-scale job creation upon completion.
He emphasized that his administration prioritises the creation of quality employment over handouts, noting that meaningful jobs remain the most effective way to empower youths and citizens.
The governor also called for sustained public-private sector collaboration in the state’s development, citing the recent achievement of 90 days of uninterrupted power supply in Aba as a product of effective partnership between the government and private investors.
Speaking on the project, the Manager of Technical Services for Aba Commercial Smart City, Mr. David Okoro, disclosed that the development would occupy 140 hectares of land in Osisioma and generate 25,000 direct jobs and 100,000 indirect jobs for residents of Abia State.
Ten inmates of the Old Abeokuta Custodial Centre in Ibara, Ogun State, have secured free admission into Yewa Central College of Education to study various academic programmes.....KINDLY READ THE FULL STORY HERE▶
The beneficiaries, made up of seven males and three females, were admitted into courses including English Language/Social Studies, Economics/Social Studies, Political Science/Social Studies, Business Education, Physical and Health Education, Economics/Political Science, and Economics/Computer Science.
Speaking at a matriculation ceremony held within the correctional facility on Friday, the Provost of the College, Dr. Mary Bamgbose, formally welcomed the inmates into the 2025/2026 academic session and urged them to maintain good conduct.
She described the inmates as reformed and expressed confidence that they could become positive representatives of the institution after regaining their freedom.
“Today, 10 inmates who have been corrected and reformed are being matriculated into Yewa Central College of Education. As you begin this journey on February 6, 2026, I urge you to conduct yourselves properly,” Bamgbose said.
“As God is showing you mercy through this opportunity, I believe you can one day serve as good ambassadors of our college outside this system,” she added.
Speaking on behalf of the new students, Peter Adike expressed gratitude and pledged that, despite their incarceration, they are determined to make the opportunity count.
However, he noted that they still face challenges accessing essential learning resources such as teachers, textbooks, and classroom furniture.
Lagos State Governor, Babajide Sanwo-Olu, has reflected on the lasting legacy of former Nigerian Head of State, General Murtala Ramat Muhammed, describing his leadership as a moral benchmark for public service, fifty years after his death.....KINDLY READ THE FULL STORY HERE▶
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