The Nigerian equity market on June 19, 2024, experienced a moderate level of activity. The total number of trades amounted to 9,899 with a cumulative volume of 1,383,477,941 shares exchanged. The market witnessed notable movements across various sectors, indicating mixed investor sentiment.
Below is a summary of market activities on Tuesday, June 19, 2024:
Sector Highlights
Healthcare Sector:
- Mecure Industries Plc saw a total trade volume of 31,743 shares, maintaining its price at 9.57 NGN.
ICT Sector:
- Briclinks Africa Plc recorded no trades, keeping its share price steady at 6.25 NGN.
Waste Management:
- The Initiates Plc traded 371,084 shares, with its price remaining unchanged at 1.83 NGN.
Growth Board Summary:
- The Growth Board recorded 54 trades with a total volume of 525,075 shares. This board includes emerging companies and new listings, reflecting growing investor interest in diverse sectors.
ASEM (Alternative Securities Market):
- Juli Plc, within the food/drug retailers and wholesalers category, traded 4,816 shares at 9.49 NGN.
- The overall activity on the ASEM was minimal, with only 8 trades and 4,816 shares exchanged.
Real Estate Investment Trusts (REITs):
- UPDC Real Estate Investment Trust was the most active with 37 trades and a significant volume of 2,404,853 shares, appreciating by 4.21% to close at 4.95 NGN.
- The sector as a whole saw 49 trades with a total volume of 2,412,001 shares.
Debt Market Performance
The bond market displayed varied performance across different securities. Here are some highlights:
- 13.255% FGNSB December 2025 closed at 70.00 NGN with a volume of 100 shares.
- 14.55% FGN April 2029 was traded with a volume of 5, changing its price to 144.00 NGN.
- 14.70% FGN June 2033 remained steady at 100.00 NGN with no recorded trades.
Overall, the debt market exhibited stability with select securities showing minor fluctuations, indicating a cautious approach by investors amid current economic conditions.
Exchange-Traded Products (ETPs)
The ETP market witnessed notable activity, with the following highlights:
- Greenwich Alpha ETF saw a price drop of 9.09% to 800.00 NGN with 14 shares traded.
- Meristem Growth Exchange Traded Fund experienced a significant decline of 10.00%, closing at 55.08 NGN with a volume of 1,815 shares.
- Stanbic IBTC ETF 30 traded 2,210 shares, reflecting a minor price drop of 1.43% to 689.98 NGN.
Market Outlook
The mixed performance across various sectors and the steady state of the bond market suggest that investors are cautiously navigating the current economic landscape. The healthcare and real estate sectors show potential for growth, while the ETP market’s performance indicates a reassessment by investors in light of market conditions.
The Nigerian Exchange Limited continues to provide a robust platform for diverse investment opportunities, ensuring transparency and efficiency in market operations.
Market Capitalisation Remains Stable Amid Minor Fluctuations
Meanwhile, the Nigerian capital market displayed a steady performance over the past week, marked by minor fluctuations in market capitalisation and the All Shares Index. Here is a comprehensive breakdown of the market’s performance:
Market Capitalisation and All Shares Index
- Monday, June 10, 2024:
- Market Capitalisation: ₦56,452,173,436,382.79
- All Shares Index: 99,793.71
- Tuesday, June 11, 2024:
- Market Capitalisation: ₦56,359,857,702,142.30
- All Shares Index: 99,630.51
- Thursday, June 13, 2024:
- Market Capitalisation: ₦56,473,975,607,254.27
- All Shares Index: 99,832.25
- Friday, June 14, 2024:
- Market Capitalisation: ₦56,526,607,811,995.95
- All Shares Index: 99,925.29
- Wednesday, June 19, 2024:
- Market Capitalisation: ₦56,478,987,569,783.35
- All Shares Index: 99,840.95
Highlights:
- The highest index point was observed on June 14 at 99,925.29.
- The lowest index point was on June 11 at 99,630.51.
- The average index value for the week stood at 99,804.54.
Sectoral Indices Performance
NGX Main-Board Index:
- Increased from 4,660.11 on June 10 to 4,697.37 on June 19.
NGX 30 Index:
- Varied slightly, starting at 3,693.69 on June 10, peaking at 3,700.52 on June 14, and closing at 3,698.31 on June 19.
NGX CG (Corporate Governance) Index:
- Notable fluctuations, beginning at 2,171.69 and peaking at 2,200.16 on June 13, before settling at 2,193.93 on June 19.
NGX Premium Index:
- A minor decline was observed from 9,906.40 to 9,793.81 over the period.
NGX Banking Index:
- A steady increase from 813.95 to 825.39, indicating a positive outlook in the banking sector.
NGX PENSION INDEX:
- Gradual increase from 3,651.67 to 3,690.82.
NGX Insurance Index:
- Slight increase from 372.53 to 382.44.
NGX-AFR Bank Value Index:
- Significant growth from 1,807.94 to 1,864.57, reflecting strong performance in the banking sector.
NGX AFR Div Yield Index:
- A decline from 10,691.77 to 10,627.74.
NGX MERI GROWTH INDEX:
- Robust growth from 4,366.21 to 4,532.05, indicating positive momentum in growth stocks.
NGX MERI VALUE INDEX:
- Rise from 6,510.01 to 6,603.46, reflecting a positive trend in value stocks.
NGX Consumer Goods Index:
- Minor fluctuations with a slight increase from 1,574.27 to 1,584.45.
NGX Oil/Gas Index:
- Stable performance with a slight increase from 1,332.25 to 1,361.12.
NGX Lotus Islamic Index:
- Incremental rise from 6,220.83 to 6,257.26.
NGX Industrial Index:
- Marginal change from 4,690.64 to 4,706.85.
NGX Growth Index:
- Slight increase from 5,562.43 to 5,569.00.
NGX Sovereign Bond Index:
- Notable increase from 697.66 to 766.01, indicating positive developments in the sovereign bond market.
NGX Pension Broad Index:
- Minor fluctuations with a final value of 1,761.18 on June 19.
Monetary Policy Update
The Central Bank of Nigeria (CBN) has maintained the monetary policy rate at 26.25 per cent. This benchmark rate plays a crucial role in shaping the economic landscape, influencing lending rates and overall economic activity.
The Nigerian capital market has shown resilience with steady indices and sectoral performances. Investors are encouraged to stay informed on market developments and consider the varying performances across different indices for a balanced investment strategy.