Investors on the Nigerian Exchange (NGX) traded a total of 2.25 billion shares worth N58.83bn in 63,657 deals during the week under review.
This marked a significant decline compared to the 4.698 billion shares valued at N85.04bn exchanged in 72,562 deals the previous week.
The NGX All-Share Index and Market Capitalization both recorded losses, depreciating by 2.94 per cent and 2.26 per cent, respectively.
The ASI closed at 102,353.68 points, while the Market Capitalization ended the week at N62.85tn.
In contrast to the general downturn, a few indices bucked the trend. The NGX MERI Value, NGX Consumer Goods, NGX Growth, and NGX Sovereign Bond indices posted gains of 0.70 per cent, 1.33 per cent, 0.15 per cent, and 0.04 per cent, respectively, while the NGX ASeM index remained flat.
The Financial Services Industry continued to dominate the activity chart, accounting for 60.86 per cent of the total equity turnover volume and 37.86 per cent of the value. A total of 1.37 billion shares worth N22.27bn were traded in 26,114 deals within the sector.
Following the Financial Services Industry was the Consumer Goods Industry, which recorded 253.54 million shares valued at N15.24bn in 8,869 deals. The Services Industry took third place with a turnover of 193.42 million shares worth N931.795m in 4,716 deals.
Universal Insurance Plc, Guaranty Trust Holding Company Plc, and AIICO Insurance Plc emerged as the most actively traded equities for the week. These three stocks collectively accounted for 468.32 million shares valued at N9.007bn in 3,568 deals, contributing 20.79 per cent to the total equity turnover volume and 15.31 per cent to the value.
Market breadth tilted negative, with only 33 equities appreciating in price compared to 51 gainers in the previous week. On the downside, 57 equities recorded price declines, a notable increase from the 39 losers reported in the prior week. The number of equities that remained unchanged stood at 62, consistent with the previous week.
The week’s performance reflects cautious investor sentiment amidst fluctuating market dynamics. Stakeholders are advised to monitor key economic indicators and market developments to make informed investment decisions in the coming weeks.