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The Nigerian stock market began April on a bearish note, reversing the gains of the past week and continuing the negative momentum from March. The NGX All-Share Index dipped by 0.14% week-on-week to close at 105,511.89 points, while the market capitalisation slipped by 0.17% to N66.15 trillion, resulting in a loss of approximately N109.98 billion to investors.

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Despite the release of impressive 2024 audited financials and generous dividend declarations from the banking sector, the local bourse faced this decline. The ASI was also impacted by the delisting of three companies: Capital Oil Plc, Goldlink Insurance Plc, and Medview Airlines Plc for failing to meet listing requirements.

The NGX Regulation put EkoCorp Plc on notice, stating, “NGX RegCo engaged the entity reflected in Table A (EkoCorp Plc) above with a view to returning the company to its compliance level. When these efforts did not yield results, NGX RegCo sent three months and one month delisting notices to the company on September 5, 2023, and January 2, 2024, respectively.

The market’s decline was also reflected in the trading activity, with the total turnover standing at 1.183 billion shares worth N28.87 billion exchanged in 42,397 deals, lower than the previous week’s 7.521 billion shares valued at N398.95 billion.

The financial services sector led the activity chart, with 906.590 million shares valued at N18.93 billion traded in 22,876 deals, contributing 76.60% and 65.56% to the total equity turnover volume and value, respectively.

In terms of market performance, 23 equities appreciated, while 51 equities depreciated, and 73 equities remained unchanged, resulting in a weak market breadth. The NGX Banking Index was the only sectoral index to rise week-on-week, buoyed by positive sentiment in Guarantee Trust Holding Company, Fidelity Bank, AccessCorp, and Wema Bank.

Gainers for the week included VFD Group (+20.8%), Union Dicon (+19.60%), Africa Prudential (+15.7%), NGX Group (+11.9%), and UPDC REIT (+10.9%). On the losers’ chart were UAC Nigeria (-18.3%), SUNU Assurance (-13.4%), Universal Insurance (-13.3%), Oando (-13.1%), and Consolidated Hallmark Holdings Plc (-12.8%).

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