The Nigerian equities market closed the week on a positive note, with major indices reflecting a 0.17% gain. The NGX All-Share Index and Market Capitalization concluded the week at 71,541.74 points and N39.149 trillion respectively, marking a noteworthy appreciation.
Amidst this positive trend, several other indices also surged, underscoring the constructive market sentiment. However, a few outliers deviated from this upward trajectory, including NGX Main Board, NGX Insurance, NGX ASeM, NGX Oil & Gas, NGX Lotus II, and NGX Industrial Goods, which experienced depreciations of 0.54%, 1.44%, 1.03%, 0.58%, 0.22%, and 3.03% respectively. Conversely, the NGXSovereign Bond index maintained stability, closing the week without fluctuations.
This week’s trading activity witnessed a turnover of 2.423 billion shares valued at N45.070 billion, encompassing 34,704 deals. A comparative analysis reveals a marginal decrease in the volume of shares exchanged, which amounted to 2.543 billion shares worth N38.644 billion in the preceding week, transacted through 36,138 deals.
Unveiling the driving forces behind this bustling market, the Financial Services Industry emerged as the frontrunner in terms of volume. A total of 1.726 billion shares valued at N22.760 billion were traded within this sector through 18,190 deals, signifying a substantial contribution of 71.23% to the total equity turnover volume and 50.50% to its value. The Conglomerates Industry followed suit, recording a turnover of 201.478 million shares worth N2.350 billion in 1,533 deals. Additionally, the Consumer Goods industry also witnessed a notable turnover, with 127.468 million shares valued at N3.671 billion in 4,113 deals.
In a spotlight on specific equities, Universal Insurance Plc, United Bank for Africa Plc, and Guaranty Trust Holdings Company Plc took center stage, collectively accounting for 543.315 million shares worth N10.577 billion in 3,860 deals. This translated to a substantial contribution of 22.43% to the total equity turnover volume and 23.47% to its value.
The market’s behavior regarding price fluctuations revealed that 49 equities appreciated in price during the week, surpassing the previous week’s count of 32 appreciating equities. In contrast, 33 equities experienced depreciation, a decrease from the 49 equities in the previous week. Meanwhile, 73 equities maintained a stable position, mirroring the unchanged status recorded in the preceding week.
In parallel, Exchange Traded Products (ETP) witnessed a total of 149,237 units valued at N82.359 million being traded this week in 1,064 deals, marking a significant surge from a total of 43,318 units valued at N10.993 million transacted in 308 deals during the previous week.
On the front of Bonds, a total of 43,802 units valued at N46.203 million were traded this week in 20 deals, representing an upturn from the 17,903 units valued at N18.305 million transacted in 14 deals in the previous week.
In conclusion, the Nigerian equities market has culminated the week with an optimistic undertone, characterized by upward movements in key indices and notable trading activities across various sectors, reflecting the resilience and dynamism of the country’s financial landscape.
Article by: Olusola Akintonde
