Nigerian Stock Market Performance – Week of 17th November 2023
The Nigerian stock exchange this week recorded a total of 2.42 billion shares traded valued at 22.67 billion naira (28.27 million USD) in 33,227 deals. There was an 18% decrease in the value of shares traded from last week; shares worth 27.69 billion naira (USD 33.23 million) were traded last week.
In terms of the volume of shares traded, there was a 19.8% increase in the volume of shares traded, with 2.02 billion shares traded in 32,761 deals.
Stock price and volume analysis
In terms of the value of shares traded, MTNN, a foremost telecommunications company, led other companies with 3.68 billion naira (equivalent to USD 4.42 million) worth of shares traded; it was followed by Zenith Bank with 2.74 billion naira (equivalent to USD 3.29 million) and GTCO with 2.00 billion naira (equivalent to USD 2.41 million) worth of shares traded.
| COMPANY | VALUE |
| MTNN | 3,683,337,302 |
| ZENITHBANK | 2,743,496,489 |
| GTCO | 2,008,810,212 |
| UBA | 1,819,207,953 |
| ACCESSCORP | 1,268,133,094 |
| VFDGROUP | 1,072,053,790 |
| STANBIC | 674,874,396 |
| FBNH | 651,781,283 |
| FIDELITYBK | 598,741,058 |
| PRESCO | 596,808,996 |
In trading volume, UNIVINSURE, an insurance company, led other companies with 3.27 million shares traded for the week, followed by VERITASKAP (an insurance company) and Unity Bank with 2.95 million and 1.86 million shares traded, respectively.
In terms of trading value, the FUGAZ companies are back on the list of the top 10 companies for the week after losing out last week. Overall, the financial sector is still the dominant sector on the stock exchange market. A full comeback from and long-lasting dominance from FUGAZ shouldn’t be ruled out.
| COMPANY | VOLUME |
| UNIVINSURE | 327,385,660 |
| VERITASKAP | 295,174,203 |
| UNITYBNK | 186,840,092 |
| UBA | 87,739,097 |
| JAPAULGOLD | 86,643,618 |
| MBENEFIT | 81,673,282 |
| ZENITHBANK | 81,604,742 |
| JAIZBANK | 76,493,454 |
| ACCESSCORP | 73,534,136 |
| TRANSCORP | 69,609,962 |
Top 10 companies in the volume of shares traded (in 100,000 units)
Daily price and volume analysis
Friday recorded the highest number of shares traded (volume), with 5.82 million shares traded that day. It was followed by Thursday and Tuesday with 5.63 million and 4.91 million shares traded, respectively; Monday recorded the lowest number of shares traded with 3.58 million shares.
Wednesday recorded the highest value of shares traded by a large margin, with 7.37 billion naira (equivalent to USD 8.85 million) worth of shares traded on that day. Monday comes next with shares worth 4.36 billion naira traded (equivalent to USD 5.23 million), followed by Friday with 4.27 billion naira (equivalent to USD 5.12 million).
Top 10 Stocks that appreciated during the week
| COMPANY | OPEN ( | CLOSE ( | CHANGE (%) |
| MECURE INDUSTRIES PLC | 5.73 | 9.21 | 60.73 |
| MULTIVERSE MINING AND EXPLORATION PLC | 3.63 | 5.81 | 60.06 |
| UNITY BANK PLC | 1.17 | 1.84 | 57.26 |
| SECURE ELECTRONIC TECHNOLOGY PLC | 0.36 | 0.55 | 52.78 |
| DEAP CAPITAL MANAGEMENT & TRUST PLC | 0.48 | 0.73 | 52.08 |
| DAAR COMMUNICATIONS PLC | 0.26 | 0.39 | 50.00 |
| GUINEA INSURANCE PLC | 0.24 | 0.34 | 41.67 |
| NEIMETH INTERNATIONAL PHARMACEUTICALS PLC | 1.60 | 2.23 | 39.38 |
| VERITAS KAPITAL ASSURANCE PLC | 0.29 | 0.37 | 27.59 |
| SOVEREIGN TRUST INSURANCE PLC | 0.33 | 0.42 | 27.27 |
Top 10 stocks that declined during the week
| COMPANY | OPEN ( | CLOSE ( | CHANGE (%) |
| THOMAS WYATT NIG PLC | 3.60 | 2.08 | -42.22 |
| ELLAH LAKES PLC | 3.78 | 3.40 | -10.05 |
| STANBIC IBTC HOLDINGS PLC | 69.95 | 65.00 | -7.08 |
| ACADEMY PRESS PLC | 1.80 | 1.70 | -5.56 |
| INTERNATIONAL BREWERIES PLC | 4.50 | 4.25 | -5.56 |
| NIGERIAN BREW. PLC | 40.00 | 38.00 | -5.00 |
| NPF MICROFINANCE BANK PLC | 2.10 | 2.00 | -4.76 |
| CHAMPION BREW. PLC | 3.60 | 3.45 | -4.17 |
| CWG PLC | 7.95 | 7.62 | -4.15 |
| PRESTIGE ASSURANCE PLC | 0.55 | 0.53 | -3.64 |
There are plans in motion to list the new Dangote refinery on the Nigerian Exchange. This move will no doubt inject more competition, liquidity, and action into the stock exchange market. Owned by Aliko Dangote, Africa’s richest man, this refinery promises to be a game changer for the market and the Nigerian economy as a whole.
In a bid to align with the president’s vision of a $1 trillion economy by 2030, the central bank will direct banks to increase their capital base to meet the vision and target. The increase in the capital base of banks could come through mergers and the issuance of shares to the public. The stock market will surely experience more trades and movements with this development.
As previously stated in last week’s analysis, there are plans for a dual listing between the Nigerian stock exchange and its Saudi counterpart; this will also bring vigor and vitality to the market. The stock market looks poised to receive some boost from the plans and initiatives that have been proposed and planned. A vibrant stock exchange market is key to a nation’s overall economic growth and development.
- UNIVINSURE displaces JAPAULGOLD from the top spot in the volume of shares traded.
- MTNN displaces UBA from the top spot in the value of shares traded.
- FUGAZ makes a comeback on the list of top ten companies in trading value.
- Thursday records the highest value of shares traded while Friday records the highest volume of shares traded for the week.
- The top ten companies account for 58% of volume and 66% of total value traded for the week.
Disclaimer Notice: This article is in no way advertising or recommending any stock or company. This is purely for information. The author and trendswatch.co will bear no responsibility whatsoever for any decision taken by anyone or any group based on the information gleaned from this article.
