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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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THE NATION WEEPS: President Tinubu Breaks Silence, Mourns The Loss Of Cinematic Titan Olu Jacobs!.
President Bola Ahmed Tinubu has expressed profound grief over the death of legendary Nollywood actor and film executive, Oludotun Baiyewu Jacobs, widely known as Olu Jacobs, who has passed away at the age of 84.....KINDLY READ THE FULL STORY HERE▶
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A Global Career and Pioneering Legacy: In a statement released on Wednesday by Special Adviser Bayo Onanuga, the President honored Jacobs’ distinguished journey. After training at London’s prestigious Royal Academy of Dramatic Arts, he built a formidable career in British television and international film before returning to Nigeria to become a foundational force in the burgeoning local film industry.
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National Honors and Industry Impact: Tinubu recalled that Jacobs was highly decorated, holding numerous industry awards and the national honor of Member of the Order of the Federal Republic (MFR). He was praised as a “towering figure” and one of the nation’s most distinguished actors whose work transcended theater, television, and global cinema.
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Inspiring a Generation: The President credited the late actor with professionalizing the Nigerian entertainment industry, noting that his exceptional talent, discipline, and dedication inspired countless actors and filmmakers. He was admired for his unique ability to bring profound depth and authenticity to every role.
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A Giant of the Creative Industry: President Tinubu declared that Olu Jacobs was a “giant” whose passing is a monumental loss not just to Nigeria, but to the African film industry and the global arts community. He concluded by extending heartfelt condolences to the Jacobs family, his wife Chief Joke Silva, their children, and the entire creative sector, praying for the repose of his soul.
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MARESCA’S SHOCKING VERDICT: Chelsea Boss Dismisses Blatant Haaland VAR Blunder As “Just Part Of Football”!
Manchester City manager Enzo Maresca has downplayed the recent VAR error that validated Erling Haaland’s controversial winning goal against Manchester United, describing the mishap simply as “part of football.”....KINDLY READ THE FULL STORY HERE▶
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The Match and Incident: Manchester City claimed a 1-0 victory at Old Trafford on Sunday, September 13, though Haaland’s goal drew fierce debate after VAR officials reviewed the play and failed to overturn it.
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Maresca’s Stance: Speaking during a press conference on Wednesday ahead of City’s Carabao Cup fixture against Norwich on Thursday, Maresca asserted that dwelling on a single refereeing mistake is unfair to his team’s stellar overall performance, while also pointing out that City is still awaiting an apology for a past controversial goal by Marcus Rashford from January 2023.
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Squad Rotation: Looking ahead to the upcoming Carabao Cup match, Maresca confirmed plans to rotate his squad to help players regain match fitness and prepare for an upcoming demanding schedule across both the Premier League and the Champions League.
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SIT DOWN AND EXPLAIN!: Joe Igbokwe Fires Scorching Advice At Wike, Tells FCT Minister To Face APC Governor Head-On!.
APC chieftain Joe Igbokwe has advised FCT Minister Nyesom Wike to sit down with party governors to discuss and clarify his proposed Rainbow Coalition, which is designed to gather support for President Bola Tinubu’s 2027 re-election bid.....KINDLY READ THE FULL STORY HERE▶
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The Conflict: The advice follows a public disagreement between Wike and APC governors—led by Progressive Governors’ Forum Chairman and Imo State Governor Hope Uzodimma—who expressed concerns that the coalition might undermine the party or Tinubu’s re-election. Wike defended his stance, arguing that supporting Tinubu does not mean abandoning his party or stopping other parties from fielding candidates.
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Wike’s Political Influence: Igbokwe emphasized during an appearance on TVC’s This Morning Show that Wike is a vital political stakeholder with a dedicated following who cannot be easily ignored.
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Call for Dialogue: Rather than engaging in public spats, Igbokwe urged Wike to consult his colleagues, listen to the majority, and properly explain his intentions behind the coalition.
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