The Nigerian equities market saw a decline this week as the benchmark index, the Nigerian Exchange Limited (NGX) All-Share Index, ended 1.40% lower. This drop in market performance can be attributed to the four trading days this week, as Wednesday, September 27, 2023, was declared a public holiday to observe the Eid-el-Maulid celebration.
By the close of trading on Friday, the NGX All-Share Index settled at 66,382.14 points, while the market capitalization stood at N36.331 trillion.
Various sectors in the market also experienced declines, except for the insurance, consumer goods, Lotus II, and sovereign bond sectors, which saw appreciation of 2.77%, 1.59%, 0.20%, and 0.98% respectively. The NGX ASeM index, however, closed flat.
Throughout the week, investors traded a total of 1.339 billion shares worth N17.916 billion in 27,874 deals. This is in contrast to the previous week, when a total of 3.911 billion shares valued at N30.379 billion were exchanged in 38,536 deals.
The financial services industry dominated the market activity chart, accounting for 940.539 million shares valued at N11.370 billion in 14,627 deals. This industry contributed 70.25% and 63.46% to the total equity turnover volume and value respectively. The conglomerates sector followed with 95.954 million shares worth N584.249 million in 1,760 deals. The oil and gas industry recorded a turnover of 69.323 million shares valued at N782.269 million in 1,688 deals.
The top three equities by volume traded were Access Holdings Plc, United Bank for Africa Plc, and Transnational Corporation Plc, which accounted for 456.454 million shares worth N6.469 billion in 6,579 deals. This constituted 34.09% and 36.11% of the total equity turnover volume and value respectively.
During the week, 25 equities appreciated in price, lower than the previous week’s 48, while 47 equities depreciated in price, higher than the previous week’s 40. Furthermore, 83 equities remained unchanged, surpassing the previous week’s 67.
In terms of Exchange Traded Products (ETPs), a total of 19,020 units valued at N2.007 million were traded this week in 91 deals. This is a decrease compared to the previous week when 51,116 units valued at N4.485 million were transacted in 112 deals.
Regarding bonds, a total of 80,697 units valued at N82.919 million were traded this week in 15 deals. This marks a decrease compared to the previous week when 95,921 units valued at N98.305 million were transacted in 27 deals.
In conclusion, the NGX benchmark index ended the week 1.40% weaker, with various sectors experiencing both appreciation and depreciation. The trading activity in the equities market was lower than the previous week, while activity in ETPs and bonds also declined. Investors will continue to monitor market performance and make informed decisions based on the trends and developments in the Nigerian equities market.