The Nigerian Exchange (NGX) reported a weekly turnover of 2.72 billion shares, valued at N54.63bn, traded across 46,848 transactions.
This turnover reflects an uptick in trading activity compared to the previous week, when 2.14 billion shares valued at a higher N85.95bn exchanged hands in 41,217 deals. The decline in trade value suggests a shift in market dynamics amid broader market downturns.
The NGX All-Share Index (ASI) and Market Capitalization both dropped by 2.03 per cent, closing at 97,432.02 points and N59.04trn, respectively.
This marks a contraction in market performance after several weeks of mixed results, highlighting a cautious investor sentiment in the wake of recent economic developments. Almost all NGX sector indices reflected this downturn, with a few exceptions.
Despite the broader market decline, some indices demonstrated resilience. The NGX Banking Index showed a modest increase of 0.19 per cent, while the NGX AFR Bank Value and NGX AFR Div Yield indices rose by 1.76 per cent and 1.52 per cent, respectively.
Additionally, the NGX MERI Growth, NGX MERI Value, NGX Oil & Gas, and NGX Growth indices posted minor gains of 0.16 per cent, 0.48 per cent, 1.15 per cent, and 0.07 per cent, respectively, indicating selective investor interest in these sectors.
The Financial Services sector led trading activity, with a substantial 1.82 billion shares valued at N28.96bn across 20,173 deals.
This sector accounted for 67.01 per cent of the total equity turnover volume and 53.01 per cent of the overall trade value, underscoring its pivotal role in market activities.
Financial stocks have consistently attracted investor attention, driven by the sector’s stability and growth potential.
Trailing the financial services, the Information and Communications Technology (ICT) sector recorded 389.85 million shares worth N6.56bn in 2,515 deals, showcasing the growing influence of digital and tech-driven companies on the exchange.
The Conglomerates sector ranked third, with a turnover of 160.993 million shares valued at N4.746bn across 3,623 deals.
Fidelity Bank Plc, Chams Holding Company Plc, and United Bank for Africa Plc (UBA) emerged as the week’s top equities by trading volume, collectively accounting for 1.225 billion shares worth N17.72bn across 4,912 deals.
These stocks contributed significantly to total turnover, representing 45.10 per cent of the weekly trading volume and 32.44 per cent of the total trade value.
The dominance of these firms reflects strong investor confidence in financial institutions and growth-oriented companies.
Market sentiment showed signs of bearishness, with only 39 stocks appreciating in value, a decline from 58 gainers in the prior week. Meanwhile, the number of equities that depreciated surged to 45, up from 18 in the previous week.
The number of stocks remaining unchanged also decreased slightly to 68 from 76. This shift indicates a pullback among investors, as rising uncertainties prompt a more defensive stance in equity investments.
The NGX’s performance this past week reflects a complex interplay of investor optimism in select sectors—such as Banking, Oil & Gas, and ICT—countered by caution in response to market headwinds.
As the market continues to adjust to these forces, sectors showing resilience may offer opportunities, while others could experience continued volatility. Investors are expected to monitor key economic indicators and sector performance in the weeks to come, as they navigate this period of market recalibration.