Equity Market Rebounds Slightly, Up N7.24bn

The equities segment of the Nigerian Exchange (NGX) rebounded for the first time this week, as market capitalisation rose by N7.24billion to close at N24.14trillion.

Also, at the close of yesterday’s trading session, the NGX benchmark index gained 3bps to close at 44,332.21 points. Consequently, the Year-to-date (YTD) return of the market slightly weakened to 3.7 per cent from 3.8 per cent the previous trading day.

Analysis of the closing figures, showed that market top gainers were led by CWG (+9.6%), JAPAULGOLD (+7.7%) and WAPIC (+5.9%), while BETAGLAS (-10.0%), ALEX (-9.7%) and RTBRISCOE (-9.7%) posted as today’s top losers.

Although, trading activities ended with the total volume traded and value traded declining by 27.9 per cent and 12.9 per cent respectively to 119.2mn units and N3.2billion. FIDELITYBK, GTCO and JAPAULGOLD led the volume chart with 39.3mn units, 8.3mn units and 6.7mn units respectively.

However, AIRTELAFRI, MTNN and GTCO led the value chart with N1.8billion, N687.0million and N153.9million respectively. For indices under our purview, performance was more bullish as three indices posted green and two indices posted red.

Performance indicates that the Insurance index led the top gainers with 22bps, followed by the Consumer Goods and Industrial Goods indices which gained 20bps and 9bps respectively. The gains were accredited to WAPIC (+5.9%), DANGSUGAR (+3.9%) and WAPCO (+2.1%) accordingly.

Meanwhile, the Banking and Oil and Gas indices declined by 80bps and 40bps, as a result of losses in STERLNBANK (-2.6%) and OANDO (-2.4%). Computer Warehouse Group Plc (CWG) emerged as the top gainer in today’s trading session.

The company disclosed in its audited June 2022 financial report that the value of its total assets for the second quarter was N13.8 billion. For the same period, the company’s total liabilities were valued at N12.4 billion.

CWG’s total assets in 2021 were N8.4 billion, according to results from the financial report posted on the NGX, which was an increase of 4.5 per cent from the N8.1 billion recorded for the year ended 2020. The company’s total liabilities were N7.4 billion, down 1.8 per cent from the N7.5 billion recorded for 2020.

For the period that BRIU analysed (2017-2021), the average value of assets was ₦9.5 billion. Total liabilities had an average value of N8.8 billion. The company now has a high debt ratio of 0.9.

On daily currency updates, I&E and the parallel market’s prices closed at ₦441.50/US$1.00 and ₦747/US$1.00 respectively. The current P2P Forex market price is ₦750.90/US$1.00. Nigeria’s external reserves is currently US$37.76bn.