Losses in SCOA, MRS Oil, others drag indices by 0.3 per cent

Losses in SCOA, MRS Oil, others drag indices by 0.3 per cent

MRS Oil Nigeria Plc At the end of transactions on the equities sector of the capital market, losses in Cornerstone Insurance, SCOA and MRS dragged the all-share index and market capitalisation by 0.3 per cent to close the week at 47,282.67 and N25, 483 trillion.

Cornerstone Insurance shed 21.62 per cent to close at 58 kobo while SCOA depreciated by 15.90 per cent to close at N2.38 kobo. MRS oil also fell by 9.96 per cent to close at N12.20.

Similarly, all other indices finished lower except NGX Meri value, NGX lotus II and NGX Industrial Goods indices, which appreciated by 0.76 per cent, 0.12 per cent and 0.14 per cent respectively while NGX Asem, NGX Growth and NGX Sovereign bond indices closed flat.

In addition, the value of shares traded also dropped last week, as a turnover of 2.449 billion shares worth N20.7 billion was exchanged in 20,764 deals by investors on the floor of the exchange.

This value of shares traded was, however, lower than 2.798 billion units worth N23.8 billion that changed hands in 22,970 deals on March 11, 2022.

Analysts linked the drop in indices to indecision among market players as they weighed in on the expected impact of rate hikes in matured markets and economies on domestic markets and investments, knowing that demography has changed in the last three years.

Analysts at Cordros Capital said: “In the week ahead, we believe investors will focus on the outcome of the bond auction and the MPC meeting to gain further clarity on the movement of yields in the FI market.

“As a result, we envisage cautious buying actions from dividend-yield-seeking investors amid intermittent profit-taking activities.

“Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”

Also, analysts at Afrinvest expect to see a tepid start to next week’s trading, as investors continue to trade in line with the earnings report released into the market. We also anticipate some profit-taking activity on some of this week’s gainers.”

On the activity chart, the financial services industry led the chart with 1.810 billion shares valued at N11.6 billion traded in 11,233 deals; thus contributing 73.91 per cent to the total equity turnover.The ICT Industry followed with 349.937 million shares worth N4 billion in 1,292 deals.The conglomerate industry ranked third with a turnover of 101.523 million shares worth N548.693 million in 1,084 deals.Trading in the top […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply