Nigerian Stock Market Sees Surge in Trading Activity Despite Weekly Decline
This week, the Nigerian Exchange Ltd. (NGX) witnessed a significant trading activity, with 2.606 billion shares worth ₦63.785 billion changing hands in 77,593 transactions. Although the total value of transactions decreased by 20.7% compared to the previous week, the market showed resilience. The NGX All-Share Index rose by 0.90% to close at 109,710.37 points, indicating a positive trend.
The Financial Services industry dominated the trading chart, accounting for 59.08% of the turnover volume and 45.41% of the total value traded on the Exchange. FCMB Group Plc, Access Holdings Plc, and Tantalizer Plc were among the top-traded equities, with 600.684 million shares worth ₦6.570 billion exchanged in 7,201 deals. These three equities represented 23.05% of the turnover volume and 10.30% of the total value.
The market capitalization also appreciated, ending the week at ₦68.953 trillion. All sectoral indices closed higher, except for NGX Premium and NGX Lotus II, which fell by 0.05% and 0.92%, respectively. Sixty-one equities recorded gains, while thirty-one equities saw losses. Fifty-six equities remained unchanged, indicating a relatively stable market.
The top gainers for the week included Beta Glass, Champion Breweries, Caverton Offshore, FTN Cocoa, and Northern Nigeria Flour Mills, which appreciated by 46.31%, 42.08%, 37.70%, 36.32%, and 32.49%, respectively. On the other hand, Multiverse Mining, Union Dicon Salt, NAHCO, University Press, and Legend Internet were among the top decliners, with losses of ₦1.95, ₦1.00, ₦8.00, 44k, and 60k, respectively.
Overall, the Nigerian stock market demonstrated its ability to bounce back, despite the weekly decline in transaction value. With the NGX All-Share Index on the rise and market capitalization appreciating, investors can look forward to a positive trend in the coming weeks. As the market continues to evolve, it will be interesting to see how the various sectors and equities perform, and how the Nigerian economy responds to the changing landscape.
