The Nigerian Exchange (NGX) saw a total turnover of 1.447 billion shares valued at N73.89bn, exchanged across 39,546 deals during the past week.
This is a notable decline in trading volume compared to the previous week’s performance, which saw 2.97 billion shares worth N31.51bn traded in 42,482 deals.
Despite the lower volume, the significantly higher value of transactions reflects increased interest in high-value stocks.
The NGX All-Share Index (ASI) and market capitalization closed the week on a positive note, appreciating by 0.48 per cent and 5.95 per cent, respectively. The market capitalization was boosted by the listing Aradel Holdings on the NGX.
The integrated energy company listed 4.34 billlion shares on the NGX Main Board on October 14, 2024, through a “Listing by Introduction”.
The ASI rose to 98,070.28 points, while market capitalization reached N59.43trn.
The performance signals resilience in the broader market, with gains across most indices. However, certain sectors underperformed during the week, with the NGX CG, NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Value, and NGX Sovereign Bond indices all recording losses of 0.21 per cent, 0.51 per cent. 1.23 per cent, 0.09 per cent, 0.65 per cent, and 3.29 per cnt, respectively. The NGX ASeM index remained flat throughout the week.
Sectoral performance was led by the Financial Services Industry, which dominated the activity chart in terms of volume.
The industry accounted for 886.97 million shares valued at N16.94bn, traded in 17,045 deals.
This represented 61.31 per cent of the total equity turnover volume and 22.93 per cent of the total value. Following closely was the oil and gas industry, with 257.58 million shares worth N52.07bn traded in 9,798 deals, showing robust activity in that sector.
The services industry placed third with 69.62 million shares valued at N330.88m, exchanged in 2,069 deals.
Among individual equities, Japaul Gold and Ventures Plc, United Bank for Africa Plc (UBA), and Zenith Bank Plc were the top three by volume.
These companies collectively traded 420.32 million shares valued at N8.42bn, in 5,146 deals, contributing 29.05 per cent to the total equity turnover volume and 11.39 per cent of the total value.
In terms of price performance, 33 equities appreciated in price during the week, an improvement over the 29 equities that gained the previous week.
On the downside, 43 equities recorded price depreciation, fewer than the 52 equities that declined the previous week, indicating a relative easing in sell pressure.
Meanwhile, 76 equities remained unchanged, higher than the 70 that recorded no price movement in the previous week.
This mixed performance in the NGX reflects ongoing investor sentiment, with cautious optimism surrounding certain sectors while others faced challenges.
Investors will continue to monitor market dynamics closely as the exchange approaches the final quarter of the year, a period often marked by heightened activity and volatility.